10 Tax Tips for Restaurant Owners | QMK Consulting

Running a restaurant is a difficult task—juggling customers, employees, inventory, and escalating operating costs.

But regarding taxes, there’s good news: QMK Consulting, based in New York City, specializes in helping restaurant owners like you maximize savings, avoid penalties, and focus on what you do best—serving your customers.

Here are 10 proven tax strategies to keep more money in your pocket and position your restaurant for long-term success.

1. Unlock Savings with Food Waste Deductions

Do you frequently discard unused food? Partnering with local food banks or charities allows you to donate excess inventory and claim valuable tax deductions. We’ll guide you through the process, ensuring you meet IRS guidelines.

2. Get FICA Tip Credit

Do your staff get tips? Many restaurant owners are unaware they are qualified for the FICA Tip Credit, which reimburses a part of Social Security and Medicare taxes paid on tipped income. QMK Consulting can help you easily claim this credit.

3. Accelerate Savings on Equipment with Depreciation

Purchased new kitchen equipment or renovated your dining space? Leverage Section 179 or Bonus Depreciation to deduct a significant portion of those costs upfront. We’ll ensure every eligible dollar works for you.

4. Claim the Work Opportunity Tax Credit (WOTC)

Hiring staff from specific groups, such as veterans or long-term unemployed people, might earn your restaurant considerable tax breaks. We can assist you with the recruiting procedure and documentation to claim the WOTC.

5. Deduct Employee Meals

If you provide meals to staff during their shifts, they may qualify as a deductible business expense. QMK Consulting ensures you follow IRS guidelines while maximizing your savings.

6. Save on Uniform and Laundry Costs

From branded uniforms to aprons, the costs of purchasing and maintaining uniforms are tax-deductible. Proper record-keeping is essential, and we’re here to simplify the process for you.

7. Get Rewarded for Going Green

Switching to energy-efficient appliances and lighting doesn’t just reduce your utility bills—it can also qualify your business for significant tax credits. Our experts will guide you in making these upgrades profitable.

8. Plan Around Seasonal Revenue Fluctuations

If your restaurant experiences seasonal spikes and slumps, managing your cash flow during tax season can be tricky. QMK Consulting specializes in creating tailored seasonal tax plans that align with your unique revenue cycle.

9. Deduct Marketing and Advertising Costs

Promoting your restaurant through social media ads, flyers, or website development? These costs are fully deductible. Our team will ensure every penny spent on marketing reduces your taxable income.

10. Partner with a Tax Specialist Who Understands Restaurants

When it comes to taxes, one-size-fits-all solutions don’t work for restaurants. At QMK Consulting, we provide tailored tax planning and preparation services specifically designed for the restaurant industry. With our help, you’ll uncover hidden deductions, stay compliant, and gain peace of mind.

Are you ready to stop overpaying on taxes and start saving big?

At QMK Consulting, we’ve helped countless restaurant owners reduce their tax liabilities and unlock savings they didn’t even know existed.

Book your free consultation

FAQs

How can QMK Consulting save me money on taxes?

We specialize in restaurant-specific tax strategies, such as food waste deductions, tip credits, and equipment depreciation, ensuring you keep more of your hard-earned money.

What makes QMK Consulting different?

Our team combines years of expertise in tax planning with a deep understanding of the restaurant industry. Based in New York City, we are always up-to-date on state and federal regulations that impact your business.

How do I start working with QMK Consulting?

It’s simple—schedule a free consultation through our website or give us a call. We’ll discuss your needs, analyze your current tax situation, and create a personalized plan to maximize your savings.

Don’t let tax season overwhelm you. With QMK Consulting, you’ll gain a trusted partner dedicated to your financial success.

Book your free consultation