Restaurant owners may be able to take advantage of a tax credit on the taxes they pay on employee tip income this year. The following article discusses the qualifications for taking the credit.
Simply put, to qualify:
- You must be profitable and owe taxes
- You may not deduct the the same taxes as a business expense
- You may not use the Alternative Minimum Tax
Check out the following post from the National Restaurant Association’s website to find out more details and for a link to download the necessary forms to file for this credit.
45(B) tax credit helps restaurants reduce taxes
For help getting your restaurant profitable so you can take advantage of this tax credit, visit www.bodellconsulting.com or call (888) 571-9068.