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

[Crusher]

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.

 

[royster13]

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

 

[Deacon_V]

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.

 

[brad_randall]

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.