amyry
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jrstephens said:I have a seperate account for PC. It is just a personal one. It makes it easier for me to keep things straight. I also have a savings account that I withhold taxes from my commission check and put them in there until the end of the year at tax time.
kearstin said:If you don't mind my asking, do you withhold a certain percentage or how do you decide? I didn't set any money aside for this year since I've only been in PC since October, but I'd like to start putting some money away for that purpose.
Thanks,
Kearstin
jrstephens said:I do not mind at all. I withhold .062 for Soc Sec and .0145 for Medicare. Since we match that, I just double it after I figure it. If you go to www.irs.gov you can download the tax table. I treat my check as a "weekly: check. I also go to my state's revenue department website and get their tax table and do the same.
Some people just hold out 25%, but I do payroll at work, so, I do it like my regular payroll check.
amyry said:Just wondering if you have a separate account for PC- do you get a business one or personal?
Jilleysue said:Seperate Business account I have. I opened an DBA called Inspirations by Jilleysue and used my Social Security number. That way I got a different ATM card in a differnent color to keep things organized. If I would have opened another personal account, I would have gotten all confused. Now all my commissions go into that account. All my expenses come that that account and I knew which ATM card to use.
dannyzmom said:Lemme guess - the card is PURPLE??
This is the way I do things too. Also, I use to have a personal account but my bank offered a totally free business account with all kinds of rewards and they kept talking to me about it, so finally I sat down with the lady and it worked out great. I also have it at an entirely different bank then my joint personal account with my hubby! Then it's all my knowledge and it's mine! Keeps everything way seperate and way more organized and less confusing!dannyzmom said:I have a separate checking account for PC as well...that way all PC $ goes in, shows are paid for, commissions checks go in, expenses go out - and I know exactly what is what.
Jilleysue said:OH YOU GOT JOKES !!! HAHAHAHAHA. Think you're funny huh. LMAO!!!
I am going to go to CHICAGO as the PURPLE PEOPLE (PC)EATER, bet you will all know who Jilleysue is then huh.
Ok..back to my manuals...Funny girls!!!
While it is not required, we highly recommend setting up a separate bank account for your Pampered Chef business. This will help keep your personal and business finances separate, making it easier to track expenses and profits for tax purposes.
No, you are free to choose any bank and account that best fits your needs. However, we recommend looking for an account with low fees and good interest rates to maximize your profits.
Most banks do not require you to register your business with them. However, if you plan on accepting credit or debit card payments, you may need to register with a payment processor and link your business bank account.
While it is possible to use a personal checking account for your Pampered Chef business, it is not recommended. This can lead to confusion and complications when it comes to taxes and tracking business expenses.
Yes, using a personal bank account for your business may make it more difficult to accurately track and report business expenses for tax purposes. It is best to consult with a tax professional for specific advice on your situation.