Most common questions from Restaurateurs!

By Jeffrey Brooks, CPA, CFP, MBA for Jbrooks Wealth Advisors, PC, a Professional CPA and CFP Firm jeff@jbrookswa.com 602-687-9900 x101

Restaurateur questions your CPA should know the answer to:

1. Can I prepay some of my restaurant expenses in December 2012 and get a deduction?
2. What is a very simple and fast way to get a tax deduction by just reviewing your fixed assets depreciation schedules?
3. How many different ways can I change the depreciation of furniture, fixtures and equipment and leasehold improvements to increase a loss, increase a profit?
4. How do the new rules effect you regarding expensing an item as a repair or capitalizing an item as furniture, fixtures and equipment or leasehold improvements?
5. How many years must I write off restaurant supplies?
6. Can I write them off immediately or do I have to take a certain percentage of expenditure as supplies inventory versus supplies expense? When supplies are 100% expensed?
7. What is one of the most common mistakes CPAs make regarding FICA Tip Credit?
8. Why does IRS want to know what the activity is for your last 24 months for gift cards?
9. Why do most restaurants fail to get the most tax deduction that they deserve? (Hint: accounts payables, accrued payroll)
10. When are credit card liability deducted?
11. If your restaurant borrows money, does this affect the amount of loss you can deduct?
12. What happens when the restaurant pays back my loan? Is this good or bad?
13. Should I donate money through the restaurant or personally?
14. When can I save on payroll taxes including FICA and Medicare and when can’t I?
15. What is one of the most common reasons that IRS will audit your restaurants and then audit you?
16. What are a few of the most common mistakes CPAs make on tax returns?
17. If I cover one employee do I have to cover all of the other employees? I get a lot of these questions due to the Obama Health Care!
18. How many dollars in tips do I need to report for my employees to avoid an audit by the IRS?
19. Is my trip to Napa, California wine country deducible?
20. How many vehicles am I allowed to have?

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About Jeffrey Brooks

Jeffrey Brooks, CPA, CFP, MBA since 1976 has specialized in helping clients save significant taxes, help businesses increase their cash flow, revenues and profits while increasing their control and satisfaction. Jeff and his accounting firm sincerely cares about the happiness of his clients.

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JBrooks Wealth Advisors, PC.

Certified Public Accountant
Address: 4647 N 32nd Street, Suite B245
Phoenix, Arizona 85018
Phone: 602-292-2009
Email: jeff@jbrookswa.com