My new business will officially commence on Jan 1, however I have received an advanced deposit from a customer in the company name that I would like to deposit. I do not want to file a tax return for the business until next year. Should I deposit this into my personal rather than business account so this can be recognized as revenue by the Co. after Jan 1?
Paul,
I am not sure if you would be able to deposit a check in your company name into your personal account. Banks require you to show them company documents such as Articles of Incorporation/Organization and EIN letter, before they open a business bank account and permit depositing checks in company name.
You could register a DBA and add it to your personal bank account, but then you would be doing business as individual (sole proprietor), and I am not sure if that is your intention. In any case, you should consult a CPA on questions of taxation, since the answer to most questions will almost always depend on your personal situation.
(a) You made a typo in the card number, CCV code, expiration date, name or address;
(b) Your card balance is too low;
(c) Issuing bank has declined this transaction for some other reason related to your account.
