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Self employed
Ideally, you would have a business account for your business income and expenses, it makes the accounting side of things much easier. That way, any expenses that you incur in pursuit of that self-employed income don't get blended with your every day non-business life expenses.
However, you don't have to have a separate account, it would be permissible to use direct deposit for those payments as you will receive a 1099-NEC at the beginning of the year reporting the payments to you. My concern would be the expenses incurred, so if you prefer to use just the one account, make sure you are keeping track of your expenses to reduce your tax liability.
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‎August 31, 2022
12:25 PM