The Tax Cuts and Jobs Act: Evaluate the Impact for Your Restaurant Business

For restaurateurs, there are a lot moving parts to the Tax Cuts and Jobs Act to consider. When the Act was ratified, high-fives were the order of the day. To many it signaled a possible end to sluggish growth, or a golden ticket out of irrelevancy. But savvy restaurateurs are evaluating exactly how the Act impacts their overall tax position.

To help you navigate through some of these moving parts and identify how best to maximize potential benefits or minimize potential costs arising from it, continue reading to see some things that have and haven’t changed, and what you should consider when evaluating the impact the Act may have on your restaurant business.

So, What Hasn’t Changed?For starters, the Work Opportunity Tax Credit (WOTC). This beneficial-but-often-ignored federal credit is for the hiring of certain classes of employees (low income, students, veterans, ex-cons). Previous WOTC provisions remain unchanged under the new tax law. Another federal credit that remains is the…