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restaurant owners

Year-End Tax Planning Tips for Restaurants

Owning and operating a restaurant can have significant perks, with a side of complexities. Mainly, understanding and forecasting taxes for restaurants, which can cause headaches among other responsibilities. Proactive tax planning is a must and should be completed prior to 12/31 of the calendar year to identify opportunities. Tax rules often change; best practice recommends business owners should understand the rules as stated currently, while being aware of potential future changes.

Understanding Tipped Overtime Calculations

Under the Fair Labor Standards Act (FLSA), most restaurant employees are classified as non-exempt and entitled to overtime pay of 1 and ½ times their regular rate of pay. Calculating overtime pay can be challenging, especially for tipped employees.

Table for Two – Tax Updates for Restaurant Owners

By Kristy Angerstien | Supervisor, Tax While it seems more cooking shows are appearing on cable and streaming services, studies show Americans are still preferring to eat outside their home. A 2017 report stated the average household spends $3,008 per year on eating out. The benefits for restaurant diners are endless: convivence, fast, no mess, …

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