2 years ago

Why is it important to keep personal finances separate from business finances?

1 answer:

3 0

Answer:

Perhaps the most important reason to separate personal and business finances is for tax purposes. As a business owner, you're allowed to deduct business-related expenses like travel and supplies. To claim these deductions, you must have proper supporting documentation. Keeping your business assets separate from your personal finances can be a liability and help protect your assets in the case of any legal actions.

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