In order to prepare your business for tax time, you need to start NOW by separating your personal expenses from your business expenses. Yes, you’ve already spent money for your business out of your personal account, and that’s fine because you can still mark those as business expenses when you’re doing your bookkeeping in a later step. But from here on out, we want all business expenses to come out of a business bank account so we can easily track income and expenses.
So where should you get your business bank account? First check with your own bank to see if you can open up a business checking and savings account for your LLC. If you can open a business bank account with them, that’s usually preferred as long as there aren’t a lot of fees. You can also check with your local credit unions, as they often don’t charge fees to bank with them.
Here is a list of business banks our preschool owners use:
- Wells Fargo (this one was most popular)
- US Bank
- Blue Vine
- Navy Federal (also popular if you have a military family member)
NOTE: Ask the bank what paperwork you need to bring or send to them so they can open up your account. They might ask for your completed EIN, DBA, and/or LLC forms.