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does anyone know about either opening a hobby business bank account and paying yourself or buying ACH software like this or QuickBooks would work?? or is it to much hassle and the feds would think you made more income?? looking to make sure transfers qualify as direct deposit

http://www.halfpricesoft.com/direct-deposit-software/howto-gener...

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Why not just download it and give it a try? It looks like you can use it for 30 days and be out no cash, so why not?

Yes, you would need to deal with federal/state taxes on your "income".

lampy2k4 said:   Yes, you would need to deal with federal/state taxes on your "income".
  Not necessarily, most payroll programs will allow you to pay via 1099. Do this and don't submit to the IRS, shouldn't be an issue.

The only problem you might have is not possessing a valid EIN (Employer Identification Number).

Enabling direct deposit on your business checking account is not free - at least I have not found one yet. If anyone knows any banks that allow you to do that for free, please post here. Typical fee for this feature starts from $15/month.

ACH transfers are free from most bank checking accounts...

ACH deposits from a business checking account have worked for Chase bonuses since Electric Orange ACH transfers from my personal account quit working.

I use QuickBooks and the direct deposit feature. It costs about $1.25/paycheck with no other fees. My employees have the money in their accounts two days after payroll is processed. To do this, you need QuickBooks Payroll, not just QuickBooks. You can find deals on FW for the software, normally from Costco, Sam's, or Amazon.

I have a EIC for hobby use. Not looking to pay employees. Looking to get bonus from new checking accounts requiring DD. Serves little $50 was night mare. PNC wouldn't recognize the routing number even though they identified it as AM express. BBT did trial external transfer that shows up in my sevre account but before i could verify it bbt emailed me saying they received decline info from Amer express not allowing DD and wouldnt allow me to verify account on bbt website even though the trial dd is in my serve account. i verified wells fargo and then sent to 251 transfers to serve same day hasnt appeared yet.

looking to see if i can create a payroll deposit to myself but wonder about possible tax implecations

There are no tax implications if it isn't really income - just you moving money around.

taxmantoo said:   ACH deposits from a business checking account have worked for Chase bonuses since Electric Orange ACH transfers from my personal account quit working.
  Don't you have to enable direct-deposit from yout business checking? How do you initiate ACH transfer from your business checking? I have a business checking with Capital One and Chase, but have not been able to find a way to do ACH transfer without direct deposit feature, which has per month fee.

Kinasharma01 said:   
  Don't you have to enable direct-deposit from yout business checking? How do you initiate ACH transfer from your business checking? I have a business checking with Capital One and Chase, but have not been able to find a way to do ACH transfer without direct deposit feature, which has per month fee.

  Some business checking accounts don't support ACH.  I ran into this with 3 out of 4 local banks.  Of course, this is trying to do non-payroll ACH

Silverthunder said:   
Kinasharma01 said:   
  Don't you have to enable direct-deposit from yout business checking? How do you initiate ACH transfer from your business checking? I have a business checking with Capital One and Chase, but have not been able to find a way to do ACH transfer without direct deposit feature, which has per month fee.

  Some business checking accounts don't support ACH.  I ran into this with 3 out of 4 local banks.  Of course, this is trying to do non-payroll ACH

Thanks! I guess I will be shopping for a new business checking account tomorrow

taxmantoo said:   ACH deposits from a business checking account have worked for Chase bonuses since Electric Orange ACH transfers from my personal account quit working.
Which bank?
Kinasharma01 said:   Thanks! I guess I will be shopping for a new business checking account tomorrow
Me too. Please let me know what you find out.

If you trying to avoid monthly account fee and your normal debitcard purchase's does not reach $250
Just buy yourself a money order at Publix etc using your debitcard (89 cent fee) and deposit it back to your account.

It looks like BOA have a $100 promo right now:
http://promo.bankofamerica.com/bizcheckingdualoffer/?offer_code=...

STEALfromCAGgive2FW said:   ACH transfers are free from most bank checking accounts...
  I have business accounts with US Bank and Capital One and neither offers free ACH.  If your bus. acct. offers it free, which one do you use?

I have nothing useful to add, although I have run across this same problem and would like to know if anyone has had success. I could not find an online type bank (schwab, ing, ally, etc) that offered free ach on business accounts either. I finally decided to use Quicken with payroll, although the lack of available online transfers for business accounts is frustrating.

tonysavealot said:   If you trying to avoid monthly account fee and your normal debitcard purchase's does not reach $250
Just buy yourself a money order at Publix etc using your debitcard (89 cent fee) and deposit it back to your account.

It looks like BOA have a $100 promo right now:
http://promo.bankofamerica.com/bizcheckingdualoffer/?offer_code=...

  No, we are trying to find a business checking account that offers out going ACH transfers for free.

BofA used to offer it as a part of some biz checking package, not sure if they still do.

Citi and HSBC too - one of them (I forgot which one) charged just 25 cents per ACH payment.

CSREwallet said:   
taxmantoo said:   ACH deposits from a business checking account have worked for Chase bonuses since Electric Orange ACH transfers from my personal account quit working.
Which bank?



Sorry, I haven't seen this thread in a while.
https://www.huntington.com/  online payment function provided the free ACH out.
They sometimes have $200 account opening promotions.

Kinasharma01 said:   Enabling direct deposit on your business checking account is not free - at least I have not found one yet. If anyone knows any banks that allow you to do that for free, please post here. Typical fee for this feature starts from $15/month.
  If you are on the east cost (actual Atlantic coast from ME-FL), TD Bank's business checking accounts provide no fee direct deposit ACH transfers. Either monthly fee or minimum balance requirements.



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