New Business income record keeping I've been running a guitar teaching business for a while now and have been doing it under the table (I know that's really bad) but I take a mixture of checks and cash, most of which I put on my personal bank account and use the debit card to buy things like all of my personal online shopping and things for the business, I do not yet have a tax ID and I have not made it an LLC. My question is how do I start showing income and not be penalized for my past? If I setup a business bank account and keep my personal account, where does the money come from to put into my personal account? Do I take it out of the business account or do I take some of the unreported cash I get and put it into the personal account? Do they audit your personal account and ask where that money came from? Do you recommend quickbooks self employed? Everything is so overwhelming, sorry for the lengthy question, any info will help greatly, thanks |