How to File Business Taxes for the FIRST TIME!

Summary

This video provides a foundational guide for new business owners, including STR hosts, on how to file business taxes for the first time. It explains the critical differences between pass-through entities (like LLCs and S-Corps) and taxable entities (C-Corps), detailing which tax forms are required for each structure (Schedule C, 1065, 1120-S). The host emphasizes the importance of meticulous bookkeeping, understanding self-employment tax (15.3%), and identifying all ordinary and necessary business deductions to reduce your taxable income.