Comments on: Starting a business and not sure how to move transactions from personal account to business account? http://www.mscmatrix.com/starting-business/starting-a-business-and-not-sure-how-to-move-transactions-from-personal-account-to-business-account Thu, 18 Mar 2010 01:53:59 -0400 http://wordpress.org/?v=2.8.4 hourly 1 By: Susie T http://www.mscmatrix.com/starting-business/starting-a-business-and-not-sure-how-to-move-transactions-from-personal-account-to-business-account/comment-page-1#comment-1517 Susie T Tue, 02 Mar 2010 06:04:59 +0000 http://www.mscmatrix.com/starting-business/starting-a-business-and-not-sure-how-to-move-transactions-from-personal-account-to-business-account#comment-1517 Get your business accounts opened. Then transfer money into the business checking account. Pick your start date (date you "opened" for business). Your previous expenses are "startup" costs and are mostly deductible over several years, not in your first year of business. So keep track of them, but they don't really feed into your new business accounts. Info from the IRS on startup costs: http://www.smallbusinessnotes.com/fedgovernment/irs/583/startup.html<br><b>References : </b><br>Financial planner, former sole prop Get your business accounts opened. Then transfer money into the business checking account.

Pick your start date (date you "opened" for business). Your previous expenses are "startup" costs and are mostly deductible over several years, not in your first year of business. So keep track of them, but they don’t really feed into your new business accounts.

Info from the IRS on startup costs:

http://www.smallbusinessnotes.com/fedgovernment/irs/583/startup.html
References :
Financial planner, former sole prop

]]> By: T E http://www.mscmatrix.com/starting-business/starting-a-business-and-not-sure-how-to-move-transactions-from-personal-account-to-business-account/comment-page-1#comment-1516 T E Tue, 02 Mar 2010 05:34:59 +0000 http://www.mscmatrix.com/starting-business/starting-a-business-and-not-sure-how-to-move-transactions-from-personal-account-to-business-account#comment-1516 record as follows: dr expenses XX cr loan payable XX<br><b>References : </b><br> record as follows:

dr expenses XX
cr loan payable XX
References :

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