Bookeeping helps individuals and business organizations to seperate what from what so ad to make good financial decision
Answers
If you haven’t gotten a slap on the wrist from your bookkeeper or accountant yet for your commingled finances, it’s coming. Certain business entities are required to file entirely distinct business tax returns. And even pass-through business entities that pay taxes passed through to personal returns—hence pass-through—require certain types of distinct, detailed documentation come tax time. Especially if you’re considering writing off any kind of business expenses.
If your accountant needs to dig through your personal records to identify business purchases from a year ago, it’s not only an arduous waste of time, it’s potentially inaccurate. That could lead to an IRS audit on your tax returns… which speaks for itself.
Hopehelps
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