Mixing Personal and Business FinancesIf you don’t separate them, it’s all too easy to overlook a business deduction or erroneously treat personal income as business revenue.

Keep a separate business bank account and use a separate business credit card to ensure you keep business income and expenses clear.

Not Claiming the Qualified Business Income DeductionThis personal deduction (also called the Section 199A deduction) for owners of pass-through entities is based on business income.

Not Understanding the Differences in Federal and State Tax RulesSome tax breaks on federal returns are limited or barred for state income tax purposes.

Not Staying Up on Tax DevelopmentsChanges in the tax law may entitle you to new tax breaks on your current return. | To read full story, visit https://startuparound.com/read/1580135412.2659454/Top-20-Small-Business-Tax-Mistakes?ref=audio_experience