Specialized Tax Incentives for Restaurants

You are a small business owner who owns and operates a restaurant. Your time is consumed with ensuring tables are turned and your business is moving forward.  You do not have time to research specialized tax incentives let alone determine if you qualify.  You are not uncommon.

Below is a brief summary of tax incentives you may be missing out on:

  • Commercial Building Tax Deduction
    Tax deduction for expenses incurred for energy efficient building expenditures
  • Engineering-based Property Cost Allocation
    Recover costs through deprecation of tangible property used in the operation of a restaurant business.Qualified Items Include: Beverage Equipment, Storage Area, Furnishings, Bar Area, Flooring, Lighting, Wiring, Sound System, and Kitchen Area
  • Employee Tax Credits
    Local, State, and Federal Incentives to hire and retain employees. Available credits up to $9,000 per qualified new hire.Credits are available for employees in the following categories: Those living in Empowerment Zones, Young Adults, Wounded or Disabled Veterans, Food Stamp Recipients, and those receiving Supplemental Security Income
  • Commercial Property Tax Reduction
    Reduction available on both Personal and Real Property Taxes paid.
  • Section 179
    Can take an increase in deduction up to $35,000 of the cost of eligible equipment purchases

The above is merely a brief list of some of incentives you could benefit from if you are a restaurant owner.  The easiest way to determine your qualification is to ask an expert.

GMG News

A collection of articles and updates from GMG Specialized Tax Incentive Group.