Are you mixing your business and personal expenses? Don't put your business in jeopardy! In this episode, Danielle discusses why it's important to keep your business and personal finances separate and the dangers of not doing so. This is a must-listen episode for both old and new entrepreneurs!

 

Topics Discussed: 

Intro (0:00)

No Judgement at Kickstart: Client Afraid to Share Details (0:39)

Examples of Commingling (3:18)

Why You Shouldn't Commingle? (5:02)

Personal Spending VS Business Spending Problem: Cash is the Reason Why Businesses Fail (7:17)

Money Mindset Mastery Framework (9:37)

Claiming Your Tax Deductions (10:39)

IRS Definition of Qualified Business Expense (12:17)

Partnerships: Fellow Business Owners May Consider Commingling as Theft (13:23)

Moving Forward: Commingled Funds and Accountable Reimbursement Plan (14:22)

Best Practices To Avoid Commingling (16:51)

Bookkeeping is the Foundation (20:29)

Need help organizing your finances? visit:

https://kickstartaccountinginc.com/get-started/

 

Connect with Danielle:

Instagram | @Daniellehayden__OH

Instagram | @Kickstartaccounting

Website | Kickstart Accounting, Inc.

Facebook | Kickstart Accounting, Inc.

Get Started Today: https://kickstartaccountinginc.com/get-started