While our restaurant consultants wouldn't suggest waiting until this week to get your taxes in order, Tax Day is next week in the United States, and so it's certainly on the forefront of business owners' minds. Whether or not you've already filed, each year's tax deadline brings to light some questions or concerns you may have about how you're managing your restaurant's taxes.
The best piece of advice our restaurant consultants have? Don't consider it a separate issue. "Taxes are a part of your business and should be thought of as an expense--just like food or labor," explains National Restaurant Consultant president David Kincheloe. "That means it should be included as part of your overhead calculations, a pass-through expense."
Considering your taxes as an expense means you are factoring them into your budget ahead
of time. You eliminate the scramble to pay back last year's
tax expense from this year's
It can be a tough mental switch, but it's worth it to make. "Remember," says Kincheloe, "If you're paying income taxes, then you're making money! It is painful, but think of it as a good thing."
Our restaurant consultants are experts in business management, and that includes budgets and financial plans. If you have concerns about how you are managing your restaurant's taxes, take a look at these great tax tips for restaurants from the Rewards Network
. Then, contact a restaurant consultant
today and we can begin formulating an expert plan for your business expenses that will grant you peace of mind and set you up for success.
Photo by Bethany Legg on Unsplash