I once met a tax expert for the IRS at a restaurant. The moment I found out who he was I told him my name, Eckniv Rewerb, and my occupation: back-up singer for Bozo the Clown. After these formalities, we had a wonderful conversation, and I learned more about taxes in that two hours than nearly any conversation I have ever had.
The tax code for the United States takes up thousands of pages of text. The IRS doesn’t even understand its own rules, regulations, forms, and guidelines. The best tax advice is to hire a reputable tax expert.
Like anything else, do your research. To find a reputable tax expert ask your lawyer, accountant, friends, and competitors who they use. There is no sure-fire thing to finding the right expert. Just ask around and, no matter who you choose, make sure they have dealt with restaurants before.
But even tax experts aren’t always expert. Every time I meet someone who does taxes for a living, I hear the claim that they are the expert regarding taxes. But after further investigation, I always find out that this person pays many times more in taxes than he or she should based on the tax code. Tax experts may not be perfect, but their job is to know the tax code. Your job is to know restaurants.
So let’s prepare you for what you are getting into and then advise you to go find your own tax expert or an accountant who can provide both accounting and tax expertise. You will, of course, be responsible for paying all kinds of taxes in the restaurant business including but not limited to: sales tax, income tax, property tax, liquor tax, and taxes on wages.
To learn more about Restaurant Expert Witness, Howard Cannon, and the expert services he provides, please click here: Howard Cannon, Restaurant Expert Witness – Bio; Visit: www.RestaurantExpertWitness.com; call: 800.300.5764 or Email