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

Jessica Durphy

Guru
100+ Post Club
293
Kentucky
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!
 
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.
 
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
 
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.
 
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