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Daycare and Taxes>LLC and Bank Account ?
WImom 10:30 AM 02-15-2011
IF I have an LLC do I need to have a seperate business account or can I deposit the checks from parents into my personal account as long as I'm keeping track? (I use MM software). Also they write the checks out to my business name.

I can't find any banks that don't charge a monthly fee if I don't make 10 transactions. I'm sick of going to the store all the time to buy something I really don't need just to get 10. RIght now it's Feb 15th and I still have nine more to go. I also don't like that I can't transfer my dc money over to my personal account online. So I have to make two trips to the bank every week.

Anyone have a great bank they want to share with me?
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jojosmommy 10:33 AM 02-15-2011
I would direct this question to the Tax section of the forum. Tom Copeland has answered some LLC/bank account questions there within the last month. Good Luck.
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WImom 11:10 AM 02-15-2011
Thanks. Can someone move this or do I need to post it there too?
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Michael 01:24 PM 02-15-2011
I moved it. Here is an earlier thread that may help: http://www.daycare.com/forum/showthread.php?t=25899
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actaktmdt 02:29 PM 02-15-2011
OL
Originally Posted by WImom:
IF I have an LLC do I need to have a seperate business account or can I deposit the checks from parents into my personal account as long as I'm keeping track? (I use MM software). Also they write the checks out to my business name.

I can't find any banks that don't charge a monthly fee if I don't make 10 transactions. I'm sick of going to the store all the time to buy something I really don't need just to get 10. RIght now it's Feb 15th and I still have nine more to go. I also don't like that I can't transfer my dc money over to my personal account online. So I have to make two trips to the bank every week.

Anyone have a great bank they want to share with me?
I left banking to do daycare this past year and stay home with my daughter. It is the FDIC regulates all account types. You can never link LLC accounts to personal per their guidelines. They have to be seperate transactions. You can not per fdic guidelines deposit a check made out to a business name into a personal account no matter if you own that name of the business or not. Doing so will trigger lots of bank security including investagations that can lead to massive federal fines that banks are required to report. If you want it to go into a personal account parents need to write out the checks to you in your name.
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WImom 10:31 AM 02-16-2011
thanks for the info!
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TomCopeland 12:34 PM 02-16-2011
This is another reason why LLC's are not necessarily the best business structure for family child care providers.





Join me for my webinar on February 28th "How to Reduce Your Taxes for 2010 and 2011". I guarantee that you will save more in taxes than the cost of the webinar ($25). For more info: http://www.daycare.com/news/taxes/to...d-webinar.html
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Maxfeen 06:55 PM 02-20-2011
Hey tom

once the seminar is paid for ... will i have access to the audio for further review?
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TomCopeland 08:36 PM 02-20-2011
I don't know. I'll check into it.
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Unregistered 12:31 PM 02-22-2011
I tried to sign up for the webinar but they require me to join Nafcc in order to get the $25 price. She didn't know the cost for non members.
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TomCopeland 02:12 PM 02-22-2011
The cost for the webinar is $25 - you don't have to be a member of NAFCC.
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Tags:business bank account, llc
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