5 BANK ACCOUNTS You Need For Your Small Business

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*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

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Do you have a small business? What bank accounts should you have? Here are the 5 bank accounts you need to consider opening to stay organized.

Here's are some tax deduction and banking tips that can help you save you massive amounts of money on your taxes and stay on top of your business finances.

In this video we discuss: 5 BANK ACCOUNTS You Need For Your Small Business.

Watch this video until the end to avoid overpaying Uncle Sam and to start making the most out of your real estate business!

*Disclaimer: I am not a financial advisor nor am I an attorney. I am a licensed Enrolled Agent. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

[whereistheaccountability]

Karlton, you Sir, are the BOMB. Your knowledge of these areas is exceptional. More impressive is how you deliver your vast knowledge of a complicated subject in a simple yet expert way, for all to understand. You are helping a entire community of businesses grow the right and legal way. Thank you so much.

[trobaughryan]

Great video. I have been running multiple checking accounting for some time now. 5% goes to profit first. 30% goes to OPEX. 15% goes to tax account. 50% goes to personal account.
This has helped me get through the hard times.

[enesarif]

I started working on my credit 2 years ago. I didn't know where to start I had no credit. I started looking up videos and found 850financial assessment . I followed what you said and started with an secured credit card for 200.00 and mad sure to keep my utilization under 10% and paid on time every month. I now have 3 unsecured credit cards and a 757 fico score. Thank Danielle for all the information and tips. Now we are in a position to buy home.

[khaliltaylor]

Real Estate agent here and just wanted to say your videos are helping me maneuver in this business. Thank you !

[naunausosapp]

All these accounts will charge you minimum fees to have them "maintained unless you have a minimum balance of like 2500$ or more in some cases. BOfA is the only one, that I know of, that has that min spend of 250$ per month". As a SMALL business, how do you get around those monthly $16 - 35$ fees. We are talking at least 16$ x 5 accounts, monthly.

[rayebaldwin]

Great info! I always thought it was a good idea to have a separate account even when just starting small to start a business so that the funds are not mixed or commingled and now listening to this when taking the business to the next step makes sense.

[iamashleyshavon]

Karlton I am so grateful people like you exist on YouTube! This video was extremely informational. I was about to just open up a biz account without having the knowledge that I just learned from you today. Thank you for saving me and so many others from making unknowledgable business banking moves that could cost us big later on. Blessings to you!

[jeromelittle]

Sound advice, I have four of the 5 accounts you went over. I will be heading to the bank to setup my opportunity account today

[humanskill]

Karlton, thank you for sharing your knowledge. You are an excellent teacher!

[moniquebaylis]

Wow. In just 3 videos I have learned so much especially how I have been doing things backwards or out of sequence. I really would like to ask you more questions that pertain to my situation if possible.

[BrookGriffin]

Hey Karlton, great info! Quick question... Does it matter if the various bank accounts are with the same bank? Or, is it better to use multiple different banks of each account? Why?

[stevenbingham]

For the Savings Account, since you'd be using it for emergency expenses and therefore be reserving it for some time before needed to use it, the loss value of money should be considered. I'd suggest not using a simple bank/credit union savings account for this. Rather use an investment vehicle that could offer greater returns on interest or dividends to offset inflation, while also offering a high degree of liquidity. Some of these could include money market funds or even bond funds hedged to protect from inflation.

[jcgonzalezyt]

Hello, I am planning to start a business with my family, your videos are really helpful.

[jazzeclectikk]

Thank you so much for sharing this information. You're very clear, concise and straight to the point! I'll definitely be utilizing this information here on out.

[josephdowler]

I set up a call for Monday to get some advice. I’ve really enjoyed your channel and I’ve learned a lot. I’m still learning. I’m trying to start 2 businesses and I want to set myself up to be successful enough to be able to afford your services. I feel like your services will definitely pay for themselves in the long run. Thanks for the content

[ianpettit]

Dude, you are SO good - gonna keep binging your content over the next few weeks for SURE!

[creativeinsights]

Karlton, Thank you so much for this information as well as the additional videos that you have been posting on YouTube, they have been more than helpful. Great information, great material and very helpful to many of us. Thank you for taking the time. Sincerely Erik with Creative Insights

[caryn-leighstober]

🙌 amazing, very informative. Thank you for sharing!!

[deirdrethompson]

I enjoy your videos because you simplify everything. Getting straight to the point is time saving.

[nessliestrife]

Honestly this is one of the topics I’d need to purchase time for you to sit down with me and go step by step.