Do you need a business credit card? That is a very important question and one that business owners should consider seriously.
Many business owners, especially small business owners and sole proprietors, use their personal credit cards to make purchases for their business needs. There is nothing illegal about this and if one keeps meticulous records, it can be a way to conduct business purchase via credit card use. However, there are a couple of drawbacks to using personal credit cards for business.
One of the most important drawbacks is record keeping. Generally speaking, most business expenses are tax deductible and, depending on the amount one spends on these expenses, the deductions can be hefty.
By using a business credit card to make your purchases, you can easily keep those expenditures separate from personal expenditures. This can be a great help when tax time rolls around and the business owner has to identify what is personal and what is business. The amount of time that this can save is worth the use of a business card alone. As well, it can greatly reduce mistakes and omissions.
Another good reason to use a business credit card is that it...
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