Comingling personal and business accounts is a common small business mistake, especially in the startup phase. If you are still setting up a business account, this may be inevitable, but it makes it difficult to separate transactions and keep personal and business expenses apart. That can get you into trouble with the Internal Revenue Service (IRS) should you need to prove that a write-off you took was a legitimate deduction. In addition, your personal assets could become a target for corporate debts later.

Published on: Mar 7, 2017