How to File Business Taxes for the FIRST TIME!

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Every year, millions of people in America start new businesses. Many of these businesses are successful and they generate a significant amount of revenue. However, unfortunately, a lot of new business owners have no idea how to file business taxes. As a result, they can face significant fines and legal trouble when they make mistakes.

In this video, tax expert Karlton Dennis explains how to file business taxes for the first time. He covers what forms you will need, what information you will need to provide, how to actually file the returns and more. He also discusses the important differences between business taxes and personal taxes that business owners need to be aware of.

This video is potentially beneficial for anyone who has recently started a business and needs to understand how to file business taxes for the first time. So, if you are someone who has just recently started a business, or if you are planning to in the near future, this video could be helpful to you!

CHAPTERS:
0:00 Intro
0:23 Types of Small Business Entities
1:37 Pass-Through Entity Example
2:04 What Are Taxable Entities?
2:42 What Tax Rate Will You Have to Pay on Business Income?
3:52 Self-Employment Taxes
5:03 How to File Your Business Taxes
5:12 Sole Proprietorships (Schedule C)
5:52 Partnerships and Multi-Member LLCs (Form 1065)
6:14 S Corps (Form 1120-S)
6:31 What Information Do You Need to File Business Taxes?
8:06 Fill Out the Relevant Tax Forms
9:33 Subscriber Question!
11:49 Outro

*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

#businesstax #entrepreneur #karltondennis