Tax Savings Strategies for Business Owners in the Hospitality Industry

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As business owners will have their 2016 corporate tax returns prepared in the upcoming months, there are several tools that could be used to help reduce corporate or personal tax liabilities. Here are some strategies that could save you money.

Implement and fund a retirement or profit sharing plan

Business owners can claim a tax deduction for contributions to fund retirement and profit sharing plans on behalf of employees or owners for calendar year 2016. Most plans don’t have to be funded until the tax filing deadline to claim the deduction.

Purchase and place fixed assets into service

Assuming the business is generating a …read more

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