Archive: restaurants

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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

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

Using Restaurant Servers’ Tips to Offset Credit Card Processing Fees

Processing fees that are incurred by restaurant owners when a customer dines in and pays by credit card can get expensive and eat at a restaurant’s bottom line. The processing fees are based upon what customer pays on the both the food and beverage bills, as well any gratuity that is left for the server. […]
June 24, 2015
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“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

Aronson Discusses 2014 Tax Saving Techniques for Restaurants

When 2014 comes to a close, so will another tax year for restaurant owners. The period between now and the end of the year is the ideal time for restaurant owners to conduct year-end tax planning and implement action items to reduce their 2014 taxes. Aronson LLC hospitality business expert Aaron Boker has recorded a […]
October 8, 2014