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Replacement of Building Components Equal Potential Tax Savings for Hotel Owners

The Internal Revenue Service (IRS) released the tangible property regulations in 2014, which substantially changed the tax rules for how tangible property gets capitalized versus expensed. One significant concept that came from these regulations is the ability for owners of hotels or other types of real estate to claim tax deductions for the replacement of […]
September 23, 2019

Hotel and Restaurant Owners: Renovations Equal Tax Depreciation Deductions

As 2017’s tax year begins to wind down, hotel and restaurant owners will be able to take advantage of a variety of tax depreciation incentives. These tax deductions can be substantial if a hotel and restaurant owner purchases a high quantity of fixed assets, or if a major buildout or refurbishment project for their property is […]
November 22, 2017

Tax Savings Strategies for Business Owners in the Hospitality Industry

As business owners will have their 2016 corporate tax returns prepared in the upcoming months, there are several tools that could be used to help reduce corporate or personal tax liabilities. Here are some strategies that could save you money. Implement and fund a retirement or profit sharing plan Business owners can claim a tax […]
January 30, 2017

Will the New Overtime Rules Impact Your Bottom Line?

Effective December 1, 2016, business owners must provide overtime pay to salaried employees who earn less than $913 per week or $47,476 per year. This is a substantial increase to the Department of Labor’s Fair Labor Standard Act (FLSA)’s previous salary level of $455 per week or $23,660 annually. While the FLSA ensures minimum wage […]
July 12, 2016

2015 Hospitality Industry Businesses; How Much Can You Save?

2015 Tax Savings Strategies for Restaurants and Hotels With 2015 complete, many restaurant and hotel owners should start thinking about preparing their upcoming tax returns. As a restaurant or hotel owner, there are multiple items to consider in order to reduce tax liabilities. Depreciation on Fixed Asset or Leasehold Improvement Additions Restaurant and hotel owners […]
January 21, 2016

“FICA Tip Credit” Gives Restaurant Owners Tax Savings on 2014 Tax Returns

Full service restaurant owners with employees who receive tips from customers have an opportunity to claim a highly favorable federal tax credit on this year’s tax return. Restaurant owners can claim the “Credit for Employer Social Security and Medicare Taxes,” better known as the “FICA Tip Credit.” This tax credit is equal to the Social […]
January 19, 2015