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#1243842 - 08/05/09 09:06 AM Financial question re: piano teaching income  
Joined: Jun 2009
Posts: 158
Gisele Offline
Full Member
Gisele  Offline
Full Member

Joined: Jun 2009
Posts: 158
Schenectady, Saratoga Counties...
Hi,
I am just curious as to whether anyone opened up a business account for their piano teaching income or use a personal account. Are there any advantages to using a business account for a piano teacher?

Gisele


Gisele Sum, gsum82-piano@hotmail.com
Piano and Theory Teacher
Principal Church Organist and/or Choir Accompaniment
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#1243925 - 08/05/09 11:03 AM Re: Financial question re: piano teaching income [Re: Gisele]  
Joined: Nov 2002
Posts: 13,837
Kreisler Offline
Kreisler  Offline


Joined: Nov 2002
Posts: 13,837
Iowa City, IA
It mostly depends on your business model. If you're a sole proprietor, then a personal account is fine. If you're set up as an S Corp or something, then having a dedicated account can make the bookkeeping a lot easier.


"If we continually try to force a child to do what he is afraid to do, he will become more timid, and will use his brains and energy, not to explore the unknown, but to find ways to avoid the pressures we put on him." (John Holt)

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#1243933 - 08/05/09 11:07 AM Re: Financial question re: piano teaching income [Re: Kreisler]  
Joined: Nov 2008
Posts: 1,502
R0B Offline
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R0B  Offline
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Joined: Nov 2008
Posts: 1,502
Australia
In my case, as a sole proprietor, I opened a second personal account, sub-titled, 'music'

Business accounts usually attract higher fees and charges (at least here in Australia)


Rob
#1243938 - 08/05/09 11:12 AM Re: Financial question re: piano teaching income [Re: R0B]  
Joined: Sep 2006
Posts: 6,368
jotur Offline
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jotur  Offline
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Joined: Sep 2006
Posts: 6,368
Santa Fe, NM
As someone who "does the books" for a living, I prefer separate accounts, with money moved from the business account to the personal one to cover personal expenses. It's much easier to total business expenses and fill out IRS forms that way. As R0B says, they can both be "personal" accounts by bank standards, and as Kreisler says, if one is a sole proprietor there's not a requirement for separate accounts. I just happen to find it a cleaner way to do things. Just me, though -

Cathy


Cathy
[Linked Image][Linked Image][Linked Image]
Practice like you are the worst; play like you are the best - anonymous
#1244150 - 08/05/09 04:42 PM Re: Financial question re: piano teaching income [Re: jotur]  
Joined: Mar 2006
Posts: 7,639
John v.d.Brook Offline
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John v.d.Brook  Offline
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Joined: Mar 2006
Posts: 7,639
Olympia, Washington, USA
I keep a separate checking account. Most banks want more money for commercial accounts, and as a micro-business, it's hardly worth it.


"Those who dare to teach must never cease to learn." -- Richard Henry Dann
Full-time Private Piano Teacher offering Piano Lessons in Olympia, WA. www.mypianoteacher.com
Certified by the American College of Musicians; member NGPT, MTNA, WSMTA, OMTA
#1244193 - 08/05/09 05:42 PM Re: Financial question re: piano teaching income [Re: John v.d.Brook]  
Joined: Nov 2006
Posts: 1,461
Stanny Offline
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Stanny  Offline
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Joined: Nov 2006
Posts: 1,461
The IRS prefers you to have a seperate account. I do my banking at Fidelity, and additional accounts are no extra charge.


~Stanny~

Independent Music Teacher
Certified Piano Teacher, American College of Musicians
Member: MTNA, NGPT, ASMTA, NAMTA
#1244462 - 08/06/09 03:31 AM Re: Financial question re: piano teaching income [Re: Stanny]  
Joined: Oct 2005
Posts: 2,919
Chris H. Offline
2000 Post Club Member
Chris H.  Offline
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Joined: Oct 2005
Posts: 2,919
UK.
I have always had a business account. Like Cathy said it really makes the book keeping easier.


Pianist and piano teacher.
#1244494 - 08/06/09 06:27 AM Re: Financial question re: piano teaching income [Re: Chris H.]  
Joined: Jul 2007
Posts: 1,645
Akira Offline
1000 Post Club Member
Akira  Offline
1000 Post Club Member

Joined: Jul 2007
Posts: 1,645
Los Angeles, CA
Having a separate account simply makes the accounting for your business easier and more accurate when it comes time to do your tax return (or financial statements, if you do them). Sometimes its not very convenient to carry around checks when you want to make a disbursement, so depending on your situation, a separate credit card could help with segregation, as well.

However, if you can easily identify all of your income and expenses associated with your business via your personal account when they're co-mingled, then you don't need one. Depending on your bank, these extra accounts may carry monthly or annual fees. Additionally, it doubles the adminstrative work in reconciling bank accounts.

Weigh the pros and cons of your particular situation, and decide what works best for you.


Moderated by  Ken Knapp 

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