Restaurant Tax Planning Services 🚀

As a restaurant owner, you aren’t alone in dreading tax season each year. Complex details like tip reporting and sales tax can make doing your taxes incredibly stressful. This is why you should seriously consider proactive restaurant tax planning.

Think of tax planning for restaurants like cleaning your commercial kitchen. The process is absolutely grueling if you try to do it all just once per year. But when you spend a little time each day keeping things in order, your business operates like a well-oiled machine.

Tax Planning Services for Restaurants

For over 15 years, we’ve provided custom-tailored tax planning services for restaurants across the US. We offer year-round support to make tax season as stress-free as possible:

Sales Tax Compliance
Multi-State Tax Planning
Tax Compliance and Filing Support
Employee Benefit Plan Optimization
Depreciation and Asset Management
Seasonal Tax Planning Review Sessions
Tax Credit Identification and Optimization
Tax Impact Analysis of Business Decisions
Comprehensive Tax Strategy Development
Inventory and Cost of Goods Sold (COGS) Management
Charitable Contributions and Community Involvement Optimization

Our Proactive Approach to Restaurant Tax Planning Services

We remove the dread and anxiety that come with filing your taxes by utilizing our proven, proactive approach to restaurant tax planning. We don’t believe in sending you unexpected bills or surprising you with last-minute deadlines.

We strive to be so much more than your CPA—we’re your trusted financial partner, and we’re here to help you feel empowered to run your restaurant.

Discovery

You and our certified CPA will discuss where you’re currently at with your taxes, what your pressing concerns are, and where you ultimately want to be.

In-Depth Proposal

We’ll craft a custom proposal based on your current needs and future goals. We don’t try to sell you on unnecessary bells and whistles—only the restaurant tax planning services that’ll truly benefit your bottom line.

Seamless Onboarding

Time is money! That’s why we handle all documentation and set-up—so you can focus on running your business. Then, we guide you through a seamless process to avoid downtime.

Support & Reports

With your restaurant tax planning systems online, our team of tax professionals is here to help anytime you have questions regarding compliance, reporting, or absolutely anything else.

Frequently Asked Questions About Tax Planning for Restaurants

What taxes do restaurants typically need to pay?

Though it varies depending on your location and business structure, some of the taxes restaurants typically need to pay include:

Sales tax
Utility tax
Payroll tax
Property tax
State income tax
Local income tax
Federal income tax
Alcoholic beverage tax
Tourism and hospitality taxes
Occupational privilege tax (OPT)
State unemployment tax (SUTA)
Federal unemployment tax (FUTA)
Social Security and Medicare taxes (FICA)
Excise taxes on alcohol, tobacco, etc.

This list can feel overwhelming to look at, but know that our licensed, experienced CPAs are deeply familiar with every single tax above. When you work with us for your restaurant tax planning needs, you can stop lying awake at night worrying about these details.

Are there digital tools to help track restaurant tax deductions?

Yes, there are many digital tools to help track restaurant tax deductions—and even better, we’re well-versed in all the best options.

Gone are the days of fighting with Excel spreadsheets and trying to learn QuickBooks over one weekend. Now, you have comprehensive, cloud-based options that let you check in from any mobile device, anywhere.

Best of all, our top-recommended tools are designed to integrate with most of the restaurant-specific apps you already use, including your POS system.

Get in touch with us today if you’d like to learn more about custom digital solutions for your restaurant tax deductions.

What are common tax filing mistakes made by restaurants?

A few common tax filing mistakes made by restaurants are:

Overall inadequate recordkeeping
Errors in sales tax collection and remittance
Not adhering to IRS tip reporting requirements
Incorrectly depositing withheld employment taxes
Misclassifying employees as independent contractors
Missing out on meaningful industry-specific tax credits
Incurring penalties due to underpaying estimated taxes

While these tax filing mistakes are common, they’re also entirely avoidable. Working with a knowledgeable CPA for your restaurant tax planning is the best way to prevent these costly errors.

How can a restaurant plan for taxes during an economic downturn?

The best way a restaurant can plan for taxes during an economic downturn is by taking a proactive, strategic approach:

Conducting regular financial reviews to cut costs and maximize revenue
Delaying non-essential expenses and negotiating payment terms with suppliers
Considering tax credits and incentives, including energy efficiency credits
Maximizing absolutely all deductions and accelerating deductible expenses
Leveraging accelerated depreciation and cost segregation studies for more write-offs
Investing in efficient inventory management to reduce waste and overstocking
Adjusting estimated tax payments to reflect your lower projected income
Working closely with a restaurant CPA to adjust strategies whenever needed

What are effective tax planning strategies for a new restaurant?

Generally speaking, a few effective tax planning strategies for a new restaurant are:

Choosing a business structure that suits your specific financial and business goals
Leveraging start-up cost deductions to minimize your upfront expenses
Utilizing bonus depreciation for immediate deductions on major costs
Managing inventory effectively to prevent waste and overstocking
Taking advantage of employee-related tax credits

But keep in mind that the best restaurant tax planning strategies for you will depend entirely on things like your restaurant’s size, location, and company structure. What works well for someone else may not benefit you.

This is why the best tax planning strategy for a new restaurant is to work with an experienced, knowledgeable, and supportive CPA. When you have guidance every step of the way, filing your taxes—and minimizing your payments—becomes a smooth, straightforward process.

If you’re ready to learn more about how restaurant tax planning can change the way you do business, book a call with us today!

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Thankfully a month later we found Tony T and the Cloud Accounting Group team. Cloud Accounting Group immediately helped alleviate my concerns about the accounting process. My anxious energy was always completely gone after a phone call with them. They have been doing this for so long that nothing seems to phase them or throw them off and their confidence is super contagious.

KylaThriiv Company, LLC

Cloud Accounting Group has been instrumental in fixing my “problems” of the past and I consider them true financial mentors who will bend over backwards to keep things moving smoothly.

Greg D.OAFA, Inc.

I have used Cloud Accounting Group for many years and they are professional, thorough, stay up to date on all laws and fairly priced. I wouldn't use anyone else, period.

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