Business Owners

As a business owner, you must deposit all business receipts in a separate bank account. If possible, you should also make every single one of disbursements by check. In regard to all business entities, with the exception of corporations, a disbursement from the business account is not compulsory to qualify the expenditure as a business expense. A check written on a personal account for business purposes will be eligible if that expense is otherwise permissible. It is important to document both business income and business expenses.