Do you have a business checking account? This account helps business owners manage taxes, as well as legal and practical money issues. Putting this barrier will allow you to follow and document your day-to-day transactions. There are lots of benefits when opening one. For instance, your business records could be recorded. It also helps you file taxes. To file accurate taxes, it’s hard when you mix personal expenses. By filing business taxes, it will allow you to separate your business and personal transactions. However, you must know that if you file your taxes incorrectly, you could face IRS penalties. Therefore, it’s wise to open a business checking account. To open an account, you must determine what accounts you need, choose your bank, get your paperwork, and accept payments. If you’re interested, read more to find out how to open a business checking account.
|With the Ink Business Preferred℠ Credit Card:
-Earn 80,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening. That's $1,000 toward travel when you redeem through Chase Ultimate Rewards®
-Earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year
-Earn 1 point per $1 on all other purchases - with no limit to the amount you can earn
-Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards
-Redeem points for travel, cash back, gift cards and more - your points don't expire as long as your account is open
-No foreign transaction fees
-Employee cards at no additional cost
-$95 Annual Fee
Table of Contents
Determine What Accounts You Need
To determine what accounts you consult an accountant for professional recommendations before heading to the bank. The type of business bank account will affect the fees as well as the intended use of the account. Depending on your situation, your bank account varies. For instance, the types of business bank accounts include business checking accounts, savings accounts, and certificates of deposits. So how would you know what type of account would be right for you? A business checking account is a deposit account that provides a debit card and physical checks. It allows you to make transactions with no limit. A business savings account will allow you to store extra money you have worked and will let you save. A business certificates of deposits is a long term savings account that will allow you save excess money that typically earns a higher interest rate than a traditional savings account.
Choose Your Bank
To choose your bank, you should make a list of your needs. You should consider following some factors to help you choose. For instance, you should think about the banking relationship, cost, network, online/mobile experience, bookkeeping integration, and future business needs. Learning more about these factors about each bank will allow you to choose the right bank for your business.
Get Your Paperwork
When you open an account, you tend to have to provide documents that shows your name and business. If you are a sole proprietor, you’ll need your social security number and two forms or personal ID such as driver’s license and passport. If your business is a limited liability corporation, you’ll need your Federal Employee Identification Number as well as a copy of your articles of organization. If you’re a C-Corporation, you’ll need your Federal Employee Identification Number to apply for a business bank account, Certified Articles of Incorporation, and Corporate Charter. If you’re a S-Corporation, you’ll need to show your Federal Employee Identification Number and either your certified Headinarticles of incorporation or corporate charter. You should verify with your bank about what you will need to bring to save time.
Once you have chosen a bank and account, you should get ready to accept payments. Online payments could be a convenient choice so you won’t have to drive anywhere! You should consider tracking the taxes you owe, funds coming into the business, business expenses, from electricity and technology, to dinner meetings, donations made on behalf of the business, and payroll costs.
If you own a business, you should definitely open a business checking account. It will allow you to separate your personal and business transactions. Additionally, you’ll be able to keep track of all your payments at your business. It will make your life easier! It’s really simple. All you have to do is determine what accounts you need, choose your bank, and accept your payments. If you’re interested, you should check out the best business bank deals! Also, feel free to read more information on business checking accounts and business checking account requirements.
|With the The Business Gold Rewards Card from American Express OPEN:
-Welcome Offer: Earn 50,000 Membership Rewards® points after you spend $5,000 in purchases on the Card within your first 3 months of Card Membership
-Get 3x points - Choose 1 out of 5 categories
-Plus, 2X points on the 4 remaining categories and 1X points on other purchases
-3X and 2X apply to the first $100,000 in purchases in each of the 5 categories per year, 1X point per dollar thereafter
-Track, organize, and stay on top of your business expenses with powerful expense-tracking tools
-No foreign transaction fees
-$0 introductory annual fee for the first year, then $175
-Terms and limitations apply