Let’s talk taxes. While this topic can be daunting, it is one that is so necessary to discuss when owning your own business! Today we are talking all about taxes & giving some tactical tips with Dennis Byrd.

Dennis serves as president of Island Famous, Inc., a successful and growing hospitality company that includes three beachfront properties: The Spot, DoubleTree by Hilton Galveston Beach and Holiday Inn Express & Suites Galveston Beach. In this capacity, Mr. Byrd has built a reputation for turning underperforming properties into profitable venues.  

With his experience in finance and business teaching, he has an abundance of knowledge in the tax world, which made him the perfect guest for today’s episode!

Tactical Tips for Doing Taxes Just Starting Out

1. Create a separate account for your taxes.  Dennis recommends creating a Sales Tax Escrow Account that you can put taxes in every 7 days! This way, you never miss a payment. 

2. Create a growth plan that’s right for your business. Dennis recommends growing your top line and your bottom line by 12.5% each year. You want your business to grow, but not too rapidly as things may fall through the cracks.

3. Don’t let the stress of taxes keep you from starting your business!  Not all taxes will come at once when starting a small business. 

4. Find a way that works for you so that when you look at your operating account, you know what belongs to you. But more importantly, you know what doesn’t belong to you.

We know that taxes can be daunting, but once you find a way that works for you – it will become second nature. For more tips from Dennis, find his business teachings here!