I am renting a building to operate my small business. I am a sole proprietor, Subsequently I will be setting up an account for internet and telephone access at the business location. I was just going to open a new account with the provider using my personal name rather than my registered business name. The internet provider has informed me that the account must be registered in my business name in order for me to use it a write-off...of course the "business" accounts are twice the price. Is this really necessary? The account will be completely separate from my personal account at home and will have reference to the business address location. Will this be an issue if it ever comes to light in an audit situation?
It is not an issue with your income tax, as all work as a proprietor is personal. Where you tend to run into problems, is that banks want accounts in the registered business name, as do other suppliers for the same reason you mentioned. They get to charge more for businesses. You can always use " John Brown dba Blankenship Books" DBA means "doing business as."
It is not an issue with your income tax, as all work as a proprietor is personal. Where you tend to run into problems, is that banks want accounts in the registered business name, as do other suppliers for the same reason you mentioned. They get to charge more for businesses. You can always use " John Brown dba Blankenship Books" DBA means "doing business as."
Thank you that is what I had figured. Hopefully I can convince the providers otherwise