FICA Tip Credit No Longer Limited by AMT

June 21, 2007By KROST

The 2007 Small Business and Work Opportunity Act of 2007 signed by President Bush on May 25, 2007, waives the limitation on the use of the FICA Tip Credit against Alternative Minimum Tax. Many restaurant operators are aware of the federal FICA Tip Credit, a credit given to taxpayers (with tipped employees) equal to the … Read More

Tax Credits & Other Related Tax Benefits

December 6, 2005By So Sum Lee

Publication: KROST Monthly News Release Running a business can be extremely difficult with income taxes often eating up a good portion of your profits. There are, however, numerous tax benefits available to businesses that most owners are unaware of. As a restaurant owner, you are probably aware that you have to pay social security and Medicare … Read More