While it is not REQUIRED, I would highly, highly, recommend getting a business checking account for multiple reasons.
When it comes to doing your taxes for your business, you do not want to have your business expenses mixed up with your personal. This can give you a world of grief and in some cases legal trouble.
I knew someone who had one bank account they used for both their business and personal for about 7 years. Long story short, their finances were really messed up and the ended up getting into a battle with the IRS for quite some time. In the process they lost their house, their cars, etc. Yes, their business wasn’t just a one man business, but this is just an extreme example of why you would want to be so careful with this.
I went to my local credit union where I already have a personal checking account and I opened a business checking account easily. You may want to call them or go on-line to see what they require you to have before you open the account. For example, my bank required me to have my DBA (which I didn’t need because I just stuck with my own name as the name for my business), my EIN and my business license. They then issued me a business checking debit card and checks for my business.
I also went online to ING Direct (www.ingdirect.com), whom I also have personal accounts with, and I opened a business savings account that is linked with my business checking account. The reasons why I opened the savings account with ING Direct instead of my local bank is their accounts have a much higher return than my local bank and they also usually give great bonuses for opening an account with them (I got a $50 bonus for opening my business savings account with them).
All of my business expenses and income go through my business checking account. I keep a log of every transaction and all of my receipts in a folder. For every sale I make, I transfer 40% of it to my savings account for my taxes at the end of the year. I’m sure I’m way over shooting what I’ll need to pay in taxes at the end of the year, especially with all of my business expenses, but I’d rather give myself a bonus at the end of the year instead of owing money.
Disclaimer: I am not a lawyer, accountant or tax attorney. For questions regarding paying taxes, please consult a professional.