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Everyone gets stressed out during tax season. However, tax time can be even more stressful if you own a business.
You’re responsible for reporting your business’s income, calculating deductible expenses, and ensuring you have enough money to pay the IRS.
Fortunately, business owners have several resources they can use to simplify tax preparation. A business checking account, like the MIDFLORIDA Credit Union Free Business Checking account, is a valuable tool for Florida business owners.
Let’s discuss reducing your tax season stress using a business checking account for record keeping.
Open a Free Business Checking account at MIDFLORIDA.
A business checking account keeps your finances organized
A typical business owner can expect to gather the following information for tax purposes:
- Sales invoices and income statements
- Receipts and records of business expenses
- Employee payroll records
- Inventory tracking documents
- Business bank and credit card statements
The biggest advantage of a business checking account is that it keeps your personal and business finances separate.
When tax season arrives, you won’t have to sift through transactions to determine which are business-related and personal.
Instead, you’ll have a clear record of your business’s income and expenses.
How to maximize deductions with a business checking
When you own your own business, you may be able to deduct certain expenses from your taxes.
These deductions might include:
- Rent or mortgage payments
- Employee salaries
- Vehicle expenses
- Travel expenses
- Marketing and advertising costs
- Office supplies and equipment
Keeping all your business expenses in one place allows you to review them and quickly identify which are deductible. This reduces the risk of overlooking a deductible expense. Consult with your tax advisor about your specific business.
Business checking accounts let you set aside tax money
Taxes aren’t a surprise expense. You always have to file your taxes annually; for small businesses the deadline is usually on or around April 15.
You can set aside money for your yearly taxes in a business checking account. This eliminates the stress of figuring out where you’ll get the money to pay what you owe to the IRS.
How to make money with your tax payments
Just because you’re setting aside money for taxes doesn’t mean you can’t put it to work.
By opening up a MIDFLORIDA Business Savings account, you can grow the money you save.
Once you’ve paid your taxes, you can use the interest you earned to get a head start on paying your taxes for the next year.
A business checking account streamlines the tax filing process
Many business checking accounts can link up with tax preparation software like TurboTax. This can save you hours of tedious work.
If you rely on a CPA to prepare your taxes, a business checking account is still beneficial. Granting your CPA view-only access to your account information lets them see your balances, transactions and statements.
Other advantages of a MIDFLORIDA Free Business Checking account
Business checking accounts do more than make filing your taxes easier.
Along with a merchant services provider, a business checking may allow your clients more ways to pay. For instance, a MIDFLORIDA Free Business Checking account lets customers pay with Visa and Mastercard.
In addition, MIDFLORIDA’s remote deposit capture service lets you deposit checks anywhere at any time through your mobile phone.
MIDFLORIDA fraud protection services are available to help protect businesses from phony ACH debits and checks. Fees apply. The service alerts you if our verification process detects any sign of fraud.
Business Banking members with MIDFLORIDA also enjoy the following benefits:
- 7 a.m. to 7 p.m. drive-thru hours
- Full-service Saturday hours
- No early deposit cut-off time
- Extended Help Desk hours with no appointment needed
Make tax season easier with a MIDFLORIDA Free Business Checking account
Tax season can be especially stressful for business owners. A business checking account can lower your stress significantly.
A business checking account keeps all your business banking transactions in one place. You’ll be able to track your business income month by month. You’ll also be able to track your business expenses and determine which are deductible.
You can also set aside money for tax time in your business checking account. You can even open a business savings account so the money you have set aside for taxes will earn interest.
If you’d like to experience the benefits of a business checking account, open a MIDFLORIDA Free Business Checking account today. Qualifying new members can even get a $300 bonus when they open an account. It’s a great way to get a head start on paying taxes 1.
1. Offer valid as of February 1, 2025 and may be canceled at any time without notice. Eligibility and membership requirements for business and business owner(s) apply. To qualify for the $300 incentive, the business must open a business checking account (Free Business Checking (minimum $100 to open), Premier Business Checking (minimum $500 to open) or Business Checking Plus Interest (minimum $500 to open); accept and open Online Banking and eStatement; make deposits totaling at least $5,000 in a calendar month for two of the first six months of account opening; and complete five transactions (deposits, withdrawals, etc.) within the first 60 days. No dividends are paid on Free Business Checking and Premier Business Checking. Annual Percentage Yield for Free Business Checking and Premier Business Checking is 0.00%. Rates may change after account is opened. Any business EIN that has previously received a business checking incentive will not qualify for the $300 incentive. The $300 will be deposited to the new business checking account after the qualifications have been met and will be reported to the IRS.
