Recently I opened a business checking account, and also a private mailbox at a UPS Store. Bank of America even offered a $50 bonus in the branch. The box costs $15 a month. This will just about finish my 2006 Q1 goal of separating business and personal finances. Another reason why I am doing this is for my future endeavors – proper treatment will avoid the IRS treating them as hobbies and not businesses.
The mailbox will serve a couple of purposes. It will allow us to receive mail and UPS/Fedex packages even if we are not home, and prevent them from just leaving it on our doorstep or having to drive to their warehouses. Also, we can give out a business address that is not our home address. Finally, both the rental fees and the mileage to and from the mailbox will be a deductible business expense.
By Jonathan Ping | Entrepreneurial | 2/3/06, 12:31am