Partners in Business

PIB TIP

Obtain a monthly earnings statement. All of your records should be converted into a profit and loss statement at the end of every month. The statement should show how many miles you drove, what your revenue was, what your costs were and how much money you made or lost during the month. You can compare month to month to see if you are improving. If you cannot produce the statement, ...

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Today’s Tip:

Open a separate checking account for your business. If you are the sole owner of the business, open an additional personal account and save the extra fees associated with business accounts. Deposit your settlement checks in this account and pay yourself for driving from these funds. A separate account gives easy access to details needed in case of an audit. This tip is provided by the Partners in Business program, which is produced by Overdrive ...

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