It’s usually a good idea to try to keep business and personal matters separate. However, there are all kinds of cases where perspectives and events can intersect. And that’s when you have to figure out how to disentangle and organize them as necessary.
You can think of things like accidents and injuries, tax brackets, workplace ethics, and financial mergers, and from there, begin to understand where some of the issues can arise.
Especially if you’re starting your own business or managing some aspect of the company, your identity can potentially begin to interfere with what should be logical business decisions.
Accidents and Injuries
Accidents and injuries happen. But then you have to decide – is this a workplace injury or not? What if an employee got into a car accident in a company vehicle on their way to work? But now, what if he or she was using a company car for a personal trip?
Things can get fuzzy when it comes to legal implications, especially if there is insurance involved. However, as much as possible, if you try only to use business equipment for business matters, any accidents or injuries that occur will more easily fit into the right category.
Depending on what kind of business you’re in or running, tax brackets can get fishy really quickly. When you are filling out taxes as a contractor, that opens up a whole different bucket of worms as well. Ideally, you want to make sure that you have all of the appropriate numbers and forms filled out all during the year so that when it comes to tax season, there won’t be as much to entangle.
All kinds of people get caught for tax evasion because they try and cut corners – don’t let this happen to you! Instead, make sure you keep the appropriate separation between personal and business expenses and income.
It is a human trait to like some people more than others. However, when it comes to the workplace, a different set of ethics are involved.
If your company has workplace ethics in place, you need to make sure you and all of your co-workers follow them. The current fallout from people not paying attention to these rules in the modern office is intense right now. Make sure to keep business and pleasure separate when it comes to relationships to avoid this.
Finally, there’s the idea of business and personal money merging. You should have separate accounts for your business and your own use.
The better you have them separated, the less interaction they will have, and the more transparency you can show to people regarding specific money trails. On the other hand, as soon as you start pushing money back and forth between business and personal accounts, there can be pretty severe consequences if anyone ever looks into your raw numbers.