March  2015 

It All Add$ Up Bookkeeping and Tax Tips
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ARE YOU THROWING FOOD AND CASH AWAY?
Fresh Food If you're in the restaurant industry, you know how important and challenging it is to manage your costs.  Your product has a very short shelf life and if not properly managed, can lead to large losses of revenue, and can even result in the doors closing... for good.

You've worked hard, so what can you do to reduce your risks?  We've put together five strategies to help you manage your food costs. You can then decide whether to invest this 'extra' cash back into your restaurant or to take as pay yourself for your hard work.

Read more for a list of tips to minimize loss, remain competitive and stay organized.

CHANGE IN IRS TANGIBLE PROPERTY REGULATIONS
Tax Form IRS regulations are complex and ever changing.  The regulations around tangible property have changed.  If you pay for or incur amounts to acquire, produce or improve real or personal property, this regulatory change may affect you.  Here are inclusions as to property in relationship to this change: Materials and supplies including acquired components, consumables expected to be consumed in 12 months or less, and tangible property with an economic useful life of 12 months or less or an acquisition or production cost of $200 or less.  If any of these material and supplies categories are used or consumed in your operations, be sure to read the full article. 
TAX EXTENSION DEADLINE FAST APPROACHING
If life has gotten in the way and it's necessary to file an Tax Time
exte
nsion for filing your taxes, there are particular forms that must be filed.  If you are an individual, use Form 4868, businesses should use Form 7004.  Filing an extension does not relieve you from your tax obligations, interest on payment due will continue to accrue. 
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