When opening your own business, open a Business Bank Account to keep separate from your personal account!
This is highly important as it’ll help you keep track of your business expenses and proves that your business is legit when filing with the IRS. Make sure to keep all your invoices and receipts to match up to your checkbook and bank statement entries when income tax time rolls around.
Read on to see the Importance of Business Bank Accounts! Check out our Best Business Bank Bonuses, here on HMB from institutions like Chase, Huntington, TD, HSBC and more from our extensive list of bank deals.
Reason For A Business Bank Account
Still contemplating whether or not you should open a business bank account? We’ve compiled a list of reasons to help you with your decision.
Accurate Book Keeping
Imagine mixing your business and personnel transactions in one account over the course of one year, this would be a mess to book keep as you try to sort personal from business expenses when filing for taxes.
Proof of Business
The IRS needs you to be able to show that your business is really a business and not a hobby. If you have losses that you deduct from your income, then the IRS may decide you are conducting a “hobby business”, which will invite an audit.
Required for Incorporated Businesses
If your business is incorporated, you are required by the IRS to keep a separate business bank account.
Clear Audit Trail for IRS
If you every get audited by the IRS, it’ll be easier if you have clean record keeping and a separate bank account. Just keep all your invoices and expense receipts as backup material.
Being able to keep a business account enhances your professionalism. When writing checks to suppliers, they’ll see that the check is from a real business.
|Chase Business Complete BankingSM: Earn $300 bonus when you open a new Chase Business Complete BankingSM account and deposit $2,000 or more in new money within 30 business days & maintain that balance for 60 days, and complete 5 qualifying transactions within 90 days. Chase offers financial products and services that let you bank when and how you want. Get Coupon---Chase Business Checking Review|
|U.S. Bank Business Checking: Earn a $500 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q1AFL23 and complete qualifying activities, subject to certain terms and limitations. Offer valid through March 31, 2023. Member FDIC.
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|Huntington Unlimited Plus Business Checking: Earn $1,000 bonus when you open a Huntington Unlimited Plus Business Checking account and make total deposits of at least $20,000 within 30 days of account opening. The $1,000 bonus will be deposited into your account after all requirements are met. This account is for larger businesses with high monthly transaction volume. Apply Now---Huntington Unlimited Plus Business Checking Review|
|Huntington Unlimited Business Checking: Earn $400 bonus when you open a Huntington Unlimited Business Checking account and make total deposits of at least $5,000 within 60 days of account opening. The $400 bonus will be deposited into your account after all requirements are met. This account is for businesses with higher checking activity and greater cash flow needs. Apply Now---Huntington Unlimited Business Checking Review|
|Huntington Business Checking 100: Earn $100 bonus when you open a Huntington Business 100 Checking account and make total deposits of at least $2,000 within 60 days of account opening. The $100 bonus will be deposited into your account after all requirements are met. This account is ideal for start-ups and small businesses with lower balances and checking activity. Apply Now---Huntington Business Checking 100 Review|
|Live Oak Bank Small Business Checking & Savings: Receive a $300 cash bonus when you open a new Live Oak Bank small business checking and savings account with qualifying activities.
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If you’re planning on owning your own business or currently have one, make sure to get a separate Business Bank Account!
Having your own Business Bank Account is important and it makes it easy to keep track of your business expenses and more, proves you have a valid business and more.
Additionally, it makes your business seem more professional as it’ll seem more establish when you give a check to suppliers with an actual company name on it versus your own.
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