Owning and running your own small business necessitates that you take on a dual role. You will obviously have your personal finances, but now you are adding an additional role of commercial business owner. Each role has its own needs and when it comes to finances it is crucial that you keep them separate no matter what size of type of business entity you create. IRS is very strict about making sure that you don’t intermingle your personal and business finances, including bank accounts, expenses, taxes and so on. Failure to do so can put you in hot water with IRS and lead to hefty penalty. So how do you ensure the separation of personal and business finances?