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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
