What Actually Happens If I Commingle Business and Personal Finances?

Keep What You Earn

In today's episode, we're diving into a topic that may make you a tad uncomfortable but hold the key to your business's financial health – separating your business and personal finances. Despite warnings you've heard, I know it's tempting to treat your business account as an emergency wallet. Yet today, I'll unpack why blending cash from both worlds can do more harm than good – from muddled tax reporting to the dreaded scenario of an audit search party knocking on every account you own. By the end of this episode, we'll have outlined a simple habit shift that could shield you against massive headaches or legal duels down the line. Plus, we'll explore how a little one-on-one time with a fractional CFO can elevate your business beyond those revenue ceilings you're knocking your head against.

What you'll hear in this episode:

06:13 Benefits of separating personal and business funds, LLC protection.

09:38 Be aware of commingling business and personal expenses.

If you like this episode, check out:

The Power of Diverse Mastermind Groups for Comprehensive Growth

How to Break Free from the Corporate 9 to 5

3 Reasons to Separate Your Business Money from Personal

Want to learn more so you can earn more?

CFO Power Session: https://www.keepwhatyouearn.com/power-session-inquiry

Visit keepwhatyouearn.com to dive deeper on our episodes

Visit keepwhatyouearncfo.com to work with Shannon and her team

Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.