PMQ's "Pizza News" saves me $1000's

I saw a headline on the PMQ Pizza News section that I decided to open and read. It was titled. “45(B) Tax Credit Helps Restaurants Reduce Federal Income Taxes” After reading it, I didn’t know if it applied to my situation with driver tips and such so I emailed the article to my CPA. I got a call yesterday saying that I do in fact qualify to file for this credit and that they are going back for the last 4 years and amending my returns. I should be getting about $5,000 back now. I’m glad I read the article and passed on to the CPA.

Why did you have to tell your CPA about this?..I thought they got paid the big bucks to know…

That’s why having a CPA with RESTAURANT experience is important. Not every business offers the same tax nooks and crannies, it’s important to have a trusted CPA with the experience of looking after restaurant books so those little “fine points” are always on their minds.

I had to point out the tip-tax credit to both tax accountants I’ve worked with. I’m pretty sure I first learned about it in one of the trade magazines many moons back.