Separate business/personal accounts?

[Dean May]

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Hi Richard
 
By being self employed you place yourself in a category of being higher
risk for an audit. I've been audited twice. If you co-mingle the funds
then they will automatically be going through all of your personal
records as well. 
 
The fewer records they go through, the better, IMHO. Since having 2
audits (none of which turned up anything significant and the second one
they did go through all of my personal records) I now pay as much as I
can by cash for personal expenses. None of their business so I am not
keeping any records. Every time you write a check, use a credit card,
use a drug store/grocery store discount card, make an ATM withdrawal,
you are leaving a paper trail. Don't kid yourself that you have nothing
to hide. One of the things they didn't like in my personal records was
how much I gave to charity. Now nobody knows. 
 
Dean
Dean May             cell 812.239.3359
PianoRebuilders.com   812.235.5272
Terre Haute IN  47802
 
-----Original Message-----
From: pianotech-bounces@ptg.org [mailto:pianotech-bounces@ptg.org] On
Behalf Of Richard Morgan
Sent: Tuesday, January 03, 2006 10:05 AM
To: pianotech@ptg.org
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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