If you're a sole proprietor, you may be wondering if it's worth it to open a separate checking account for your business. The short answer is yes. Separating your personal and business bank accounts makes it a lot easier for you to do your accounting and taxes. You'll also have a more accurate view of your revenue and expenses for your business, which can help you make better decisions. The same goes for credit cards. In fact, credit card interest is deductible if incurred for business expenses. But if you're using the same card for business and personal expenses, it'll be difficult to know how much you can deduct.