Small restaurants, if they last any length of time, are always super busy preparing and serving meals, pouring drinks and cleaning up the mess. With customers continually coming in and out, a small restaurant owner’s time is at a premium. But when it comes to accounting a restaurant shouldn’t skimp. Our helpful hints for keeping accounting records for a small restaurant detail the right way to keep track of your books.
Businesses and individuals begrudgingly pay interest, because it appears little is to be gained. This is not entirely true. Interest expense, in certain cases, is tax-deductible.
After tax day, we are rewarded with the fun task of deciding what to do with our income tax refund. Before buying anything this year, consider some of our smart strategies for investing your tax refund for retirement.
Are you in the business of buying and selling real estate? Tired of paying out your gains at tax time? Let us introduce you to the 1031 exchange!
Usually, when you sell a business or investment property and have a gain, you have to pay a tax on that gain at the time of the sale. With a 1031 exchange there is an exception that allows you to postpone paying taxes on that gain if you reinvest gains into a similar property in a like-kind exchange.
To help you save at tax time and reinvest your gains we will explain key aspects of a 1031 exchange, who qualifies for a 1031 exchange and what a like-kind exchange involves.
Don’t allow your tax refund check to burn a hole in your pocket. Instead, let your money grow. If you receive money back from the government this year, try one or more of our five ways to invest a tax return for your future.
Why put off to tomorrow what you can have today? A high tax refund at year’s end can be a poor choice for many, because inflation devalues a government refund of your own money. Aside from the threat of scams, there are four main reasons to beware of high tax refunds.
Construction contractors typically work on different type, size and length contracts. Depending on these variables, recommended contractor accounting methods may differ. Before filing a Federal tax return, construction contractors of any business structure (sole proprietor, partnership or corporation) must choose a method of accounting.
So, why not start with your business tax planning and preparation now?
Monitoring food cost, the percentage of total restaurant sales spent on food product, is critical to a restaurant’s success. By monitoring inventory, eliminating waste and ordering wisely, controlling food costs effectively can be simple and easy.
A restaurant profit and loss statement displays a business’ revenues and costs over a specific period of time. This important ledger can effectively track business growth, if you know exactly what items belong in a profit and loss statement. Since understanding a profit and loss statement is difficult, we’re here show you the way.
Each year, about seven percent of tax-paying Americans fall victim to identity theft, the fastest growing crime in the nation. To combat identity theft today, Americans are taught to protect their personal information with a lock-and-key. As a result, many taxpayers fear filing a tax return full of personal data.
Fear not, our tips to combat identity theft will show you there’s little security risk to filing a tax return.