Online earnings - business or personal bank account?

[kayode10]

Most of my online earning go straight to the savings account. I am yet set up a business not to talk of opening a business account. I have more than two saving accounts which I used for different purpose.

 

[Omotayo]

Yeah, that is why it is important to keep the business account and personal account private. One shouldn't be using their own personal account to run businesses.

 

[mayumi97]

I am using an e-wallet to collect my online earnings from PayPal. I don't want to use banks to withdraw my earnings because the charges are quite hefty. I've heard that banks charge around $6 for receiving the funds. I can also use cash cards to withdraw funds from PayPal because they don't charge anything for withdrawal but they still charge an annual fee of $7. The withdrawal can also take days. The solution for me is an e-wallet that doesn't charge me anything for the withdrawal, has no annual fees, and supports instant withdrawal from PayPal. That's GCash.

 

[Nsisong]

My online earnings are sent directly to my bank account from there I can use it to buy things for my business but they are not taxable by the government

 

[jay]

It depends on what I choose to do with my online earnings. If it's to push business I'll prefer it in my business account but if otherwise, I'll prefer it in my personal savings account.

Personally I prefer to make use of a business account when it comes to my business because it helps me to have more accurate information about her my finances are handled in the business.

 

[Grandeur]

I only have a personal account I do not really make use of because most of my earnings is online so I prefer to get it in my wallet and make some profit on it if I can then withdraw to a Moro finance app that transact for free.

 

[kayode10]

All the money I make online go straight to the local bank account and it is personal. I don't have a business yet so there's no need for me to open a business account. I can only open domiciliary account if I want to receive dollar directly as a payout from my online earnings.

 

[jay]

Personally, I devote my online earnings to purchase data, recharge my phone and I use it to sort out my academic activities. None of my online earnings has been taxed by government.

It is actually going to be very hard for the government to directly tax your online earning because they don't directly have access to the money that is being paid for them to monitor it to know what to tax you.

 

[Heatman]

Though a lot of small scale entrepreneurs use their personal bank accounts for business transactions from what I've noticed - not necessarily because they don't want to be taxed but they haven't seen the need or are limited in knowledge that personal and business interests shouldn't be mixed together

Personally I am always of the opinion to have a separate account for your business transactions because it is going to help you to narrow down everything about the business when it comes to money.

 

[Syldan]

I have a personal bank account but I don't consider it as any online earnings account and to be frank I have never paid anything to the government in the name of tax generate from my online earnings.

 

[jay]

Though a lot of small scale entrepreneurs use their personal bank accounts for business transactions from what I've noticed - not necessarily because they don't want to be taxed but they haven't seen the need or are limited in knowledge that personal and business interests shouldn't be mixed together

As long as you are running a small-scale business there is no need for you to have multiple accounts for the business because there is no much extra ordinary transaction that is going to be needing such kind of account.

 

[Skysaint]

Well, I am making use of my personal bank account and I think it's been going well for the time being. I haven't really heard about people's account getting loaded because of this although to me, I would say it depends on the amount you do withdraw to your account and the how frequent though.

 

[Shigobad20201]

As long as you are running a small-scale business there is no need for you to have multiple accounts for the business because there is no much extra ordinary transaction that is going to be needing such kind of account.

I am also running a small scale business and the business is going on fine because I am in a marketable location and i am supporting the business with my online earning.

 

[Heatman]

To avoid any complications of having bank accounts closed because of online earning, I always prefer receiving my online payment through cryptocurrencies.

Payment in cryptocurrency something that is very common with online work right now because most preferred to make use of it in order for them to cut off service of bank charges like the ones that come from PayPal.

 

[jay]

Though a lot of small scale entrepreneurs use their personal bank accounts for business transactions from what I've noticed - not necessarily because they don't want to be taxed but they haven't seen the need or are limited in knowledge that personal and business interests shouldn't be mixed together

Some people don't even care about the kind of accounts that they used to run the business which is why most of the times they have financial breakdown in a way that affects their business record-keeping.

 

[Syldan]

I have two separate bank accounts which they are mainly for separate purposes. My business account comprises of both online and offline income and the other is for my family. My online earnings are to meet up with my daily bills and the offline is for expansion of business.

 

[Kunkun]

Well to me it doesn't really matter where one gets it what would matter is what one does with it because that would determine how much gains one would get now and in the future too

 

[Kennysplash]

It might sound ridiculous but I have another account for my online earnings, even though it might be small. I use it to track my monthly income in my different online gigs. So my online earnings account is different from my personal account.

 

[Shigobad20201]

I have different accounts and they are meant for different purposes , one account is meant for online business transaction but most of the time, I usually use my crypto currency wallet for my business online,

 

[Heatman]

Personally, I devote my online earnings to purchase data, recharge my phone and I use it to sort out my academic activities. None of my online earnings has been taxed by government.

It is actually going to be very difficult for the government of your country to tax your online and it because they don't have a record on how you make such money for yourself.