Online earnings - business or personal bank account?

[Stnicholaz]

Do you have a business or personal bank account for your online earnings? And the money you earn online, do you declare it as taxable self-employed income to your government, or not? I've heard horror stories of personal bank accounts getting closed due to business transactions being processed on them.

I don't have a business account. I use personal bank account for my online earnings. I don't see any reason why I should declare by online income to be taxed by the government. There is no sure policy in country. Atleast not for now.

 

[Abigael]

I only have a personal bank account for my business earnings. I am so glad that the earnings are not taxable and so I can just put it wherever I want to without worrying about getting into trouble with the law. But I have learnt to manage it well despite it being in my personal bank account and not a business one.

 

[Good-Person]

All my online money go directly to my personal bank account I have never use my online earning to pay anything in the government, because I have never earn much online.

I think it would be okay if you save your money into a bank account but only if the bank does not charge high fees. If the bank charges high fees, then I think it would be much better to save money into online payment processors.

 

[Shaffy]

If it's a significant amount, I would rather use a business account and declare it taxable to avoid any altercations with the government in the future. Its not a lot now so I use personal account.

 

[Justin]

In our home county, we don't get interest in a business account, therefore, I would use a personal bank account where I can earn interest in my deposit. saving in a personal account is a good way to grow your income.

 

[Abigael]

In our home county, we don't get interest in a business account, therefore, I would use a personal bank account where I can earn interest in my deposit. saving in a personal account is a good way to grow your income.

That is the vice versa for us. Here, you earn interest on a business account and not on a personal account. So you can set up a business account that you specifically use for your business income and you can earn interest from them.

 

[Sergiu112]

in a personal account at the bank I add my income, so far nothing has been taxed for income

 

[Niftyyem]

My earnings aren't subjected to taxation but they are indirectly taxed, if you could call it that by the bank with the charges and value added tax.

 

[Sincerem]

I have a dual account, one for savings and another for bills payment. The one for savings is my crypto wallet, while my local bank account is used for bill payments and whatever.

 

[Stnicholaz]

If it's a significant amount, I would rather use a business account and declare it taxable to avoid any altercations with the government in the future. Its not a lot now so I use personal account.

You have a valid point, it depends on the size and profits of the business. If the money your earn is on the high side, it is better to have business account and make taxable to avoid future problems.

 

[Ezekiel]

Well i have not come accross closure of account due to the fact that business transaction was carried out on them,i feel they do close the account if the income is beyond the limit of that particular account,so i do us my personal account for my own earnings

 

[Immilash1]

yes I have my personal account to save some of my online earnings,but seriously I don't think use to pay task, because the same amount of money I save will be the same amount I will withdraw.

 

[Cee C Chriss]

All my online money go directly to my personal bank account I have never use my online earning to pay anything in the government, because I have never earn much online.

 

[YERUS]

Do you have a business or personal bank account for your online earnings? And the money you earn online, do you declare it as taxable self-employed income to your government, or not? I've heard horror stories of personal bank accounts getting closed due to business transactions being processed on them.

sincerely, my online earnings especially the one earned on this platform goes to my personal bank account.
I pay tax from my offline business.
I am not sure people earning small from just online platforms pay taxes.

 

[Kingstone]

I don't have a separate account where I keep my online earnings. I just use the funds to where they can be of more help and for personal use. It's not really necessary to have a business account for online earnings.

 

[Trexxxy]

Well, I haven't been making a huge amount from online earnings to be flagged by the government that it should be a taxable business earnings.

 

[Lucy ID]

This has to do with a large amount in question or large transaction because with that I don't think they will and also it depends on what you do online also that will determine that

 

[Good-Person]

Even though I have the option to open a personal bank account, I will always prefer storing my funds into an online payment processor. This is because I love storing funds in an international payment processor rather than having a local bank account in my country. I may also use the international payment processor when I travel abroad.

 

[Godspower]

I think it's better to have separate accounts for online earnings and your offline earnings. Due to recent government regulations in my country, most bank accounts have been frozen for cryptocurrency-related activity.

 

[Emmy]

I'm not yet running business account for my online earning since my earning is not as big as business rewards. My earning goes directly to my personal account and charges is always deducted from transaction makes.