FW: RE: Separate business/personal accounts?

Paul McCloud pmc033@earthlink.net
Tue, 3 Jan 2006 07:22:37 -0800


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Paul McCloud
pmc033@earthlink.net
EarthLink Revolves Around You.


----- Original Message ----- 
From: Paul McCloud 
To: Richard Morgan , 
Sent: 01/03/2006 7:20:33 AM 
Subject: RE: Separate business/personal accounts?


I'd offer this: Ask an accountant or CPA.  The IRS frowns on single accounts, since it's too easy to co-mingle the funds.  I don't know if Quicken will do what you want it to do.  How will you separate the income and expenses?  I'll be interested in the responses also.  I use Quickbooks and Quicken both.  Quickbooks works very well for business, though the bank charges more to interface with it through online access.  If I were to guess, I'd be a little cautious and get a different account.  I would think it would be easier to keep track of, and no one can criticize it if you get audited.
Good luck.
Paul McCloud
San Diego


----- Original Message ----- 
From: Richard Morgan 
To: pianotech@ptg.org
Sent: 01/03/2006 7:05:12 AM 
Subject: Separate business/personal accounts?


Hello, all.

I'm a new tuner, after years in academia, and newly returned to the self-employed field.  How important is it to have a separate bank account for my piano tech income?  Can I achieve an appropriate level of separation using Quicken, and 'subdividing' my single bank account?

This list has already been marvelously instructive, even the very long string following Susan's New Year's Rant.  As you might imagine, I am struggling with how to price myself/my services.

I'll not respond to each response, but will appreciate the input each person provides.

Thanks,
Richard
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