January 8, 2013

Fiscal deal offers restaurants benefits

Congress's passage of the American Taxpayer Relief Act has not only averted the so-called "fiscal cliff," but also tax increases for many individuals and small business owners, like restaurateurs, the National Restaurant Association said.The fiscal bill, which President Obama signed into law Jan. 2, included a one-year extension of the 15-year tax depreciation schedule for restaurant buildings, the Work Opportunity Tax Credit and the enhanced deduction for charitable food donation. The three provisions were renewed retroactive to Jan. 1, 2012, through 2013. The law also authorizes another year of the 50-percent bonus depreciation for certain equipment. For more information click here.

January 8, 2013