Restaurant Taxation

 

There are numerous issues specific to the restaurant industry. If you own a restaurant and your accountant hasn’t discussed the FICA Tip Credit, Gift Card Taxation, or Qualified Restaurant Property Depreciation with you, then you may not be with the right accountant. Bryan Potts has restaurant experience as the CFO of a 30 unit chain and an owner, partner, consultant. He knows the issues and will be glad to discuss them with you.

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Amended Returns

 

Amended Tax Returns can be like found money. We have amended business returns to claims tens of thousands of dollars for new clients. For whatever reason, their previous accountant simply missed or did not know of these or other credits:

 

​Empowerment Zone Credit

Although this credit expired December 31, 2013, there is an opportunity to amend your prior years' tax return.  We have found that many employers failed to claim the credits available to them for employing workers that live in the San Antonio Empowerment Zone. The credit is up to $3,000 per employee! I doesn't take long to add up!

 

Domestic Activities Production Deduction

The Domestic Activities Production Deduction allows certain manufacturers to deduct up to 9 percent of their “qualified production activities income.” Many accountants believe this applies only to the prototypical manufacturers and they miss this lucrative deductions for their construction, engineering, and architectural firms.

 

Call us for a no-cost review of your last year's tax return!

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