Business Tax Archives - Kallas Restaurant Accounting

State of Michigan Removes Grace Period for Sales Tax Payments

Aug 1, 2018 | Article | Tagged: Business Tax, New Technology

Kallas Restaurant Accounting has recently contacted the State of Michigan to see why clients are receiving a constant barrage of letters regarding their sales tax filings each month. The State no longer manually records sales tax and state withholding payments. They...

Retirement Plans for Restaurant Owners

Aug 1, 2018 | Article | Tagged: Business Tax

Owners, on occasion, ask me what retirement plan is best for restaurant owners. Usually, I advise them that their hard-earned knowledge and experience in running a restaurant along with owning restaurant real estate is a pretty good retirement plan by itself. Return...

New Tax Cuts & Jobs Act of 2017

Aug 1, 2018 | Article | Tagged: Business Tax

HOW IT EFFECTS “PASS THROUGH” BUSINESSES Under the new tax act, starting with the 2018 tax year, Pass-through businesses may be eligible for a 20% deduction for which they pay nothing. This is a very generous tax break for small businesses and almost every restaurant...

Tips to Lower Your Sales Tax

Nov 1, 2017 | Article | Tagged: Business Tax, Tax Tips

Kallas bookkeepers and tax preparers are trained to look for every dollar we can to reduce your taxes. One way to reduce sales tax is to deduct tax-exempt sales, discounts, and giveaways. Tax-exempt sales are allowed when a charitable organization or a governmental...

Beware “Back-Up Withholding” Trap

May 1, 2017 | Article | Tagged: Business Tax, Warnings

Have you ever received a form called an W-9? W-9’s are sent to you usually by someone you do business with like a vendor, bank, or merchant credit card processing company asking for your federal identification number and other information such as your address and...

What Is an LLC?

May 1, 2017 | Article | Tagged: Business Tax

In the last 5 years or so, there has been a movement away from structuring small businesses as S corporations and more towards forming LLC’s. S corporations still have unique benefits and should be considered when you start up a new business but LLC’s offer their own...

Warnings for S-Corporations and LLCs

Feb 1, 2017 | Article | Tagged: Business Tax, Warnings

A new penalty for late filed S Corporations and partnership LLC’s was created starting with the 2009 tax year and continues to present. I use this newsletter to remind taxpayers about this penalty because the penalty is severe. $195 per shareholder or partner per...

Restaurants Get Special Tax Deduction

Feb 1, 2017 | Article | Tagged: Business Tax

The PATH act signed into law in December 2015 allows an enhanced deduction for food inventory. If a restaurant donates wholesome food to a 501 c(3) charitable organization, the value of the donation is not the retail price to the customer or the cost to you. The...

9 Important Tax Tips and Reminders

Feb 1, 2017 | Article | Tagged: Business Tax, Tax Tips

If you have the U.S. equivalent of $10,000 in a foreign bank in any day of 2016 you must file FinCen form 114. Remember to tell your tax preparer. If you have the U.S. equivalent of $50,000 in assets located in foreign countries on the last day of the year or more...

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