Zeno Tax Solutions’ Post

As the year winds down, now is the time for restaurant owners to focus on year-end tax planning. With potential tax law changes on the horizon, staying proactive can make a big difference in managing cash flow and reducing tax burdens. Key areas to consider: Cash Flow Planning: Review your income and expenses to ensure you're maximizing deductions while maintaining liquidity. Depreciation Strategies: Take advantage of accelerated depreciation options for equipment and property improvements. Tax Credits: Don't leave money on the table—explore credits such as the Employee Retention Credit or Work Opportunity Tax Credit, among others. A thoughtful tax strategy today can set your restaurant up for a more profitable 2025. MBE CPAs partner, Doug Gross, provides some insight on ways to use effective tax planning to set your restaurant up for success. Reach out to me or Douglas Gross, CPA, CGMA if you would like to discuss tailored solutions for your restaurant. https://lnkd.in/grS38G7k

“One tax season down and on to the next.” In his May article for Restaurant Finance Monitor, Dennis Monroe, JD, MBA explains how starting to think about next year’s tax filings now could result in future tax savings for restaurant owners. Dennis describes 6 structural ideas restaurants may wish to explore, including the use of a fiscal-year management company and the use of separate real estate ownership. You can read the full article on our website, here: https://bit.ly/3Kxhocl

🚨 WSWA Hosts Tax Relief Discussion with Congresswoman Beth Van Duyne 🚨 Wine & Spirits Wholesalers of America recently hosted Congresswoman Beth Van Duyne to discuss the pressing need for tax relief policies that support family-owned wine and spirits distributors. Key policies, like the 199A deduction, are vital for these businesses to succeed and grow. 💼🍇🥃 Read more to see impactful comments from those in attendance and learn how tax policies are shaping the future of our industry: https://lnkd.in/giMxaQ-5 #TaxNews #SmallBusiness #WSWA #WineAndSpirits #199A #FamilyOwnedBusiness

Restaurant owners face many challenges in today’s competitive market, and having a proper and effective tax plan is essential to ensuring that the restaurant’s finances are in order. Learn more about how tax planning can help restaurant owners here: https://bit.ly/40qp2fF

When choosing an accounting method for a business, restaurants have several options from which to choose – two of which are GAAP and income tax basis accounting. Our article breaks down key differences between the two in the restaurant space and how to determine which one works best for you and your entity. https://lnkd.in/eyPxHweJ

Join our Webinar with The Food and Drink Federation - Navigating the tax landscape to unlock cash in food & drink manufacturing This webinar will provide practical guidance from industry experts at Grant Thornton UK LLP on how food and drink manufacturers can navigate the tax landscape to unlock cash. “What is Food” when it comes to VAT and how you can save on your VAT bill, whether you are an SME or a large multinational The opportunities to benefit from the R&D Tax incentives and areas manufacturers are overlooking Reducing the after-tax cost of capital investment Register here - https://lnkd.in/eXgGVSVT Daniel Rice Oskar Augustynowicz Jeremy Chapman Stephen Foster CA Matthew Foulger Lucy Mackenzie #foodanddrink #sector #fdf #manufacturing #webinar #researchanddevelopment #tax #capitalallowances

Join this webinar and serve yourself a plateful of tasty insights about VAT and other taxes in the food & beverage sector. Don’t miss out on this feast of knowledge! #Tax #VAT #FoodandBeverage #FoodIndustry

Boost Your Restaurant’s Profits with Smart Tax Strategies (Part 1) Essential Tips for Nigerian Restaurants Running a successful restaurant goes beyond good food—it’s about smart financial choices. Here’s how Nigerian restaurants can boost profits by focusing on tax efficiency. 1. Compliance: Your Profit Shield “Stay Compliant, Stay Ahead!” Compliance with Nigerian tax laws isn’t just for avoiding penalties—it’s a strategic move for steady cash flow and reputation. Value Added Tax (VAT), Company Income Tax (CIT), and Withholding Tax (WHT) are all part of the landscape. By staying on top of these obligations, your restaurant avoids financial hiccups and builds trust with customers and investors alike. TABtrack Consulting simplifies compliance, ensuring your restaurant meets all obligations smoothly and stays on the path to growth. 2. VAT Exemptions: A Cost-Saving Opportunity “Maximize Savings with VAT-Free Items!” Did you know some ingredients, like fresh produce and grains, are VAT-exempt in Nigeria? By using VAT-free items in your menu, you reduce costs and have the flexibility to pass those savings on to customers. Lower expenses, satisfied customers—it’s a win-win! TABtrack helps you navigate VAT exemptions, turning cost savings into a strategic advantage for your business. 3. Capital Allowances: Let Your Investments Pay You Back “Turn Assets into Tax Savings!” Every restaurant needs equipment, furniture, and transport—these assets can help lower your taxable income through capital allowances. Claiming these deductions means more cash in your pocket for reinvestment or quality upgrades. With TABtrack’s guidance, maximize deductions on assets, making your investments work for your financial goals. Transform Tax into Your Restaurant’s Advantage with TABtrack Consulting! Ready to make your restaurant more tax-efficient? Contact TABtrack Consulting to discover how we can enhance your tax strategy. Stay tuned for Part 2, with more strategies to strengthen your restaurant’s financial health.

R&D Tax Credits for the Food Industry: Essentials In the bustling world of food innovation, from crafting novel recipes to refining production processes, there's a plethora of activities that could qualify your business for R&D tax credits. Here's my personal guide to help you capitalize on these benefits: 1️⃣ What Counts? Dive into new product development, tweak existing recipes, enhance food safety measures, or streamline your production lines. These activities could significantly reduce your tax burden. 2️⃣ Covered Costs: Remember, it's not just the ingredients in your kitchen that count. Salaries, research supplies, and even some external consultant fees can often be included. 3️⃣ Keep Records Like a Pro: Detail is key. Document every experiment, every trial, and every result. These records are your best friend if you ever need to justify your claim. 4️⃣ Team Effort: This isn't just about the R&D department. Collaboration across production, QA, and marketing can unearth hidden R&D opportunities. 5️⃣ Strategic Thinking: Think of R&D credits as a piece of your broader tax strategy puzzle. Integrating these can maximize returns across your business operations. 6️⃣ Stay Sharp: Tax laws are as dynamic as the food industry itself. Keeping up-to-date can make or break your eligibility. 7️⃣ Expert Advice: I can't stress this enough—work with a tax professional who understands the nuances of the food industry. Their expertise could be the difference between a good year and a great one. Pro Tip: Schedule regular sit-downs with your tax advisor. These discussions can illuminate potential R&D activities you might not have considered. Fuel your food business with innovation, and let R&D tax credits support your journey. Need guidance? I’m here to help! #TaxCredits #RnD #FoodIndustry #Innovation #TaxStrategy #BusinessGrowth #TaxPlanning