How to File Your First Business Tax Return (Step by Step)

Buy my book, The Art Of Legal Tax Avoidance ▶ https://theartoflegaltaxavoidance.com/?utm_source=youtube&utm_campaign=book_launch Book a Professional Tax Assessment Call ▶ https://start.taxalchemy.com/consultation?utm_source=youtube Download the Short-Term Rental Rule E-Book! ▶ https://ebook.taxalchemy.com/?utm_source=youtube We earn commissions when you shop through the links below. Get Help Setting up Your LLC, Now ▶ https://shareasale.com/r.cfm?b=617326&u=2911896&m=53954&urllink=&afftrack= Filing your first business tax return feels overwhelming until you understand the system behind it. Most new business owners either overpay, miss key deductions, or file the wrong forms entirely because nobody ever walked them through the basics. In this video, tax expert Karlton Dennis breaks down exactly how to file your first business tax return step by step. He covers entity types and how they determine your tax treatment, the tax rates that apply to pass-through versus C corporation income, self-employment tax and why it catches so many new owners off guard, which forms to use based on your business structure, how to gather and organize your records, and how to maximize deductions before you file. If you own a business and have been searching for how to file business taxes, what forms a new LLC needs to file, or how to lower your tax bill as a business owner, this breakdown is your starting point. Watch now and go into tax season with a clear plan instead of a guess. #businesstaxes #smallbusinesstaxes #karltondennis - CHAPTERS 0:00 Intro 0:17 Understanding Your Entity Type 3:13 Tax Rates on Business Income 4:47 Self-Employment Tax Explained 5:55 How to File: Which Forms to Use 8:01 Gathering Your Financial Records 8:46 Mid-Roll: The Art of Legal Tax Avoidance 9:48 Completing Your Tax Forms and Deductions 10:27 Filing Your Return and Final Steps 11:00 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.