3i Law partner, Klaralee Charlton, shares her top 3 tax season insights for new business owners.

Tax Insight #1: “No Income” doesn’t mean “No Filing Obligation” 
Don’t assume because you have no income you’ll have no filing obligation. Some of these special circumstances include businesses filed as LLCs, C or S Corps, partnerships, etc. Always show your work and evaluate the benefits of filing, even when not required.

Tax Insight #2: Plan Big Even if You’re Starting Small
If your business plan prioritises growth, creating a solid foundation will save future aggravation and growing pains. Oftentimes, owners seek out legal and professional tax advice only after they’ve grown too big for their mediocre systems – weaving a costly and tangled web that is difficult to get out of. 

Tax Insight #3: Married Taxpayers Are Separate Business Owners
The most common business relationship is a rental property titled in an LLC owned by both spouses. These entities are easy to register online and a downloadable Quitclaim Deed can usually accomplish the transfer. But what’s next? Any partnership owned by more than one owner, including married spouses, requires a separate partnership income tax return. This is the type of consideration that is often overlooked when taxpayers skip professional advice. 

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