Hey... MMA or High Yield Savings Acct??

[Jessica Durphy]

Quick question for my incredibly smart counterparts!

After purchasing my agency~ and experiencing the incredible commission amounts being deposited each month, I feel like I'm wasting the use of a MMA or High Yield Savings for the Commission or General Fund.. and losing out of lots of passive income.

Any other Agency owners use a MMA or HYSA to park your commission dollars in each month just to take advantage of the %? If so, What do you use?

They're all asking for my personal information rather than the Agency or Business information... Makes me cautious, although I'm the sole agency owner, I don't necessarily want the "increase" to be sent to "Jessica Durphy" ... increasing my "taxable" income.

Any advice would be helpful!

 

[marindependent]

Increasing your savings rate is going to increase your taxable income, period. Setting up one of these accouts sort of depends on how you are structured. Are you an LLC, a C Corp, or a Sole Prop. If you will be setting up a Commercial or Small Business Account. If it is just in your name... that might be a different story.

Regardless banks are going to ask all sorts of questions about the business owner and will likely still need your SS#.

For HYSAs I believe you are subject to how many times you can pull money in or out. For a nice rate on Small Business Savings Account - consider Live Oak Bank. MMAs for small business I cannot be of help.

 

[theinsuranceman]

Quick question for my incredibly smart counterparts!

After purchasing my agency~ and experiencing the incredible commission amounts being deposited each month, I feel like I'm wasting the use of a MMA or High Yield Savings for the Commission or General Fund.. and losing out of lots of passive income.

Any other Agency owners use a MMA or HYSA to park your commission dollars in each month just to take advantage of the %? If so, What do you use?

They're all asking for my personal information rather than the Agency or Business information... Makes me cautious, although I'm the sole agency owner, I don't necessarily want the "increase" to be sent to "Jessica Durphy" ... increasing my "taxable" income.

Any advice would be helpful!

You're better off asking your CPA

 

[Lloyds of Lubbock]

Why would you ask you CPA when you could get perfectly good advice from an anonymous person?

 

[theinsuranceman]

Why would you ask you CPA when you could get perfectly good advice from an anonymous person?

Gee.....I never thought about it like that. I'll need to ponder that one...lol

 

[LostDollar]

although I'm the sole agency owner, I don't necessarily want the "increase" to be sent to "Jessica Durphy" ... increasing my "taxable" income.

Any advice would be helpful!

Advice -- engaging in income tax evasion is not wise.