Commingling Business and Personal Funds: A Tax Nightmare | Michael Plantinga posted on the topic | LinkedIn
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Shamsey Oloko on Why Mixing Business and Personal Money Is a Big Red Flag Shamsey Oloko highlights why commingling personal and business funds can create serious tax issues. He explains how losing track of transactions—especially when filing months later—can lead to wrongful deductions and IRS audits. Keeping your business and personal finances separate isn’t just smart—it’s essential to avoid penalties and suspicion. Click the bio link to watch the full episode. https://bio.link/shamseyoloko #S
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Commingling assets is illegal! That means you're taking business money and personal money and putting them in the same bank account. So how do we fix it? We open up a separate business bank account. And the money we earn from doing business goes into that account. When we want to spend money on business expenses, we spend it out of the business account. But when we want to spend money on personal expenses, like groceries and our mortgage, it comes out of the personal account. If you just did tha
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