What Actually Happens If I Commingle Business and Personal Finances?

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.