Sharp Tax & Accounting Blog
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Restaurant Delivery Apps and Taxes: Why the Bank Deposit Is Not Your Sales
Delivery apps pay restaurants after subtracting commissions and other adjustments. Learn how to record gross sales, reconcile Form 1099-K, and report marketplace sales correctly on a Minnesota sales tax return.
The FICA Tip Credit: A Valuable Tax Break for Restaurants
The FICA tip credit can provide a valuable tax benefit for restaurants with tipped employees. Learn how the credit works, which tips qualify, how mandatory gratuities are treated, and what restaurants should track to claim it correctly.
Prime Cost for Restaurants: What Owners Need to Know
Prime cost combines two of the biggest expenses in a restaurant: food and labor. Learn how to calculate prime cost, what percentage restaurants generally aim for, and how tracking it can help you spot rising costs and make better operating decisions.