You should separate your banking accounts between personal and business

Separating personal and business bank accounts is crucial for several reasons. It simplifies financial tracking, making it easier to monitor business income and expenses, which is essential for tax preparation and financial analysis. Commingling funds can lead to confusion, making it difficult to distinguish between personal spending and legitimate business deductions, potentially causing issues during an audit. Furthermore, maintaining separate accounts helps establish your business as a distinct legal entity, which is vital for liability protection, especially if your business is structured as an LLC or corporation. It also presents a more professional image to clients, suppliers, and lenders.