2015 Tax Savings Strategies for Restaurants and Hotels
With 2015 complete, many restaurant and hotel owners should start thinking about preparing their upcoming tax returns. As a restaurant or hotel owner, there are multiple items to consider in order to reduce tax liabilities.
Depreciation on Fixed Asset or Leasehold Improvement Additions
Restaurant and hotel owners can claim substantial tax deductions on fixed assets that were placed into service in 2015. Under Internal Revenue Code Section 179, a 100% deduction can be claimed for up to $500,000 of equipment, point of sale systems, furniture, and fixtures that were placed in service last year. However, …read more
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