U.S. Tax Strategies for Tour Operators and Guides

In this episode of Tourpreneur, Mitch Bach interviews Chris Foxcroft-Hibbs, the owner of Happy Lifestyle Accounting. Chris specializes in working with tourism businesses, including guides and operators. The episode focuses on income taxes and strategies for tour guides and operators to consider. Chris emphasizes the importance of making sure all transactions are recorded properly and all debts are in order. He also suggests working with a good accountant to help maximize deductions and ensure profitability.

The discussion emphasizes the joys that can come from proper tax planning and preparation.

• [00:02:52] Tax strategy for small businesses.
• [00:04:54] Saving on your tax bill.
• [00:07:09] S corp taxation benefits.
• [00:10:50] Finding Personal Benefit of Business Deductions.
• [00:14:34] Chart of Accounts and Deductions.
• [00:18:21] LLC vs Series LLC.
• [00:21:54] Budgeting strategies.
• [00:27:34] Educational tour operations.
• [00:28:57] Cash vs Accrual Accounting.
• [00:34:05] Profit Planning and Growth.
• [00:35:54] Business Metrics to Track.
• [00:39:51] Building a healthy accountant-client relationship.
• [00:42:45] Fixed pricing in accounting.
• [00:46:12] Operational Efficiency.

Help us keep this community alive by becoming a member of Tourpreneur+ https://tourpreneur.com/plus/ - This helps us bring in speakers, run events and provide even more value to our community. All for less than a coffee per day!