Pizza Today - September 2022 - 45

then be shared with the accountant
during an early Q4 meeting to
estimate one's year-end tax burden.
By mid-December, ownership should
check in with the bookkeeper again to
make sure the books remain current
and will be successfully closed when
the calendar turns.
" It's true you can always get an
extension, but the tax due will be the
tax due regardless, " Varano reminds.
By January's end, businesses must
also begin issuing 1099s to vendors
from the previous year. During Q4,
Wolf urges operators to confirm they
have complete and accurate W9s on
hand. If not, they will be chasing those
down in January under deadline.
" I go back and forth with clients on
this documentation more than anything
else, and it's a complete hassle
for all of us, " Wolf says.
A proactive approach to tax preparation
and filing generates important
benefits for the business, including:
An improved ability to plan
As Q4 gets underway, Wolf suggests
restaurant operators sit down
with their accountant for an earnest
discussion about the restaurant's
performance and to gauge the year's
estimated taxes based on the business'
year-to-date performance, its trajectory
and previous Q4 results. Getting
a general sense of one's tax bill can
inform planning for the following year,
including whether ownership renovates
the restaurant, purchases equipment,
hires, expands or even sells.
" The sooner you can get a handle on
taxes, which can drastically affect cash
flow, the better you can plan for the
year ahead, " Wolf says.
Identify problem areas and
leverage cash-boosting programs
Tax planning during Q4 provides
ownership a multi-month window
to address potential problem areas or
leverage existing tax-year programs.
Many restaurant owners, for
example, exist as partnerships or
S-corps and extract money from the
business throughout the year as distributions.
If owners do not have a sufficient
tax basis to cover these distributions,
however, then the distributions
become taxable income.
" But if you check with your CPA
during the fall and find you've taken
out too much in distributions, you
have months to fix this potential headache, "
Varano says. " You don't want a
surprise, right? "
Owners can also take advantage of
compelling tax credits or other capitalboosting
programs. Bonus depreciation,
for instance, sits at 100 percent
for 2022. Starting in 2023, however, it
rachets down 20 percent each year.
" So, if you think you're going to
purchase equipment in early 2023,
consider doing it before 2022 closes to
capitalize on bonus depreciation now, "
Varano says.
A better chance to avoid attention
from the Internal Revenue
Service (IRS)
Errors on tax forms can draw the attention
http://www.PIZZATODAY.COM

Pizza Today - September 2022

Table of Contents for the Digital Edition of Pizza Today - September 2022

Commentary
Digital
Conversation
Mike's Monthly Tip
Man on the Street
Building Blocks
On Deck
Knead to Know
Destinations
Holiday Gift Cards
Pyramid of Hospitality
It's a Party Season
Veggie Pizzas
Versatile Pasta Shapes
Seafood Pizzas
Seafood Pizza
End-of-Year Tax Prep
National Pizza Month Planning
A Pizza and Pasta Northeast Preview
Product Showcase
Pizza Today Yellow Pages
The Marketplace
Expo Spotlight
Pizza Today - September 2022 - CT1
Pizza Today - September 2022 - CT2
Pizza Today - September 2022 - Cover1
Pizza Today - September 2022 - Cover2
Pizza Today - September 2022 - Commentary
Pizza Today - September 2022 - 4
Pizza Today - September 2022 - 5
Pizza Today - September 2022 - 6
Pizza Today - September 2022 - 7
Pizza Today - September 2022 - Digital
Pizza Today - September 2022 - 9
Pizza Today - September 2022 - Conversation
Pizza Today - September 2022 - 11
Pizza Today - September 2022 - Mike's Monthly Tip
Pizza Today - September 2022 - 13
Pizza Today - September 2022 - Man on the Street
Pizza Today - September 2022 - 15
Pizza Today - September 2022 - Building Blocks
Pizza Today - September 2022 - 17
Pizza Today - September 2022 - On Deck
Pizza Today - September 2022 - 19
Pizza Today - September 2022 - Knead to Know
Pizza Today - September 2022 - 21
Pizza Today - September 2022 - 22
Pizza Today - September 2022 - 23
Pizza Today - September 2022 - Destinations
Pizza Today - September 2022 - 25
Pizza Today - September 2022 - Holiday Gift Cards
Pizza Today - September 2022 - 27
Pizza Today - September 2022 - 28
Pizza Today - September 2022 - 29
Pizza Today - September 2022 - Pyramid of Hospitality
Pizza Today - September 2022 - 31
Pizza Today - September 2022 - 32
Pizza Today - September 2022 - 33
Pizza Today - September 2022 - It's a Party Season
Pizza Today - September 2022 - 35
Pizza Today - September 2022 - Veggie Pizzas
Pizza Today - September 2022 - 37
Pizza Today - September 2022 - Versatile Pasta Shapes
Pizza Today - September 2022 - 39
Pizza Today - September 2022 - 40
Pizza Today - September 2022 - 41
Pizza Today - September 2022 - Seafood Pizza
Pizza Today - September 2022 - 43
Pizza Today - September 2022 - End-of-Year Tax Prep
Pizza Today - September 2022 - 45
Pizza Today - September 2022 - National Pizza Month Planning
Pizza Today - September 2022 - 47
Pizza Today - September 2022 - A Pizza and Pasta Northeast Preview
Pizza Today - September 2022 - 49
Pizza Today - September 2022 - Product Showcase
Pizza Today - September 2022 - 51
Pizza Today - September 2022 - Pizza Today Yellow Pages
Pizza Today - September 2022 - 53
Pizza Today - September 2022 - 54
Pizza Today - September 2022 - 55
Pizza Today - September 2022 - 56
Pizza Today - September 2022 - 57
Pizza Today - September 2022 - The Marketplace
Pizza Today - September 2022 - 59
Pizza Today - September 2022 - 60
Pizza Today - September 2022 - 61
Pizza Today - September 2022 - 62
Pizza Today - September 2022 - 63
Pizza Today - September 2022 - 64
Pizza Today - September 2022 - 65
Pizza Today - September 2022 - Expo Spotlight
Pizza Today - September 2022 - Cover3
Pizza Today - September 2022 - Cover4
https://www.nxtbook.com/emerald/pizzatoday/202407
https://www.nxtbook.com/emerald/pizzatoday/202406
https://www.nxtbook.com/emerald/pizzatoday/202405
https://www.nxtbook.com/emerald/pizzatoday/202404
https://www.nxtbook.com/emerald/pizzatoday/202403
https://www.nxtbook.com/emerald/pizzatoday/202402
https://www.nxtbook.com/emerald/pizzatoday/202401
https://www.nxtbook.com/emerald/pizzatoday/202312
https://www.nxtbook.com/emerald/pizzatoday/202311
https://www.nxtbook.com/emerald/pizzatoday/202310
https://www.nxtbook.com/emerald/pizzatoday/202309
https://www.nxtbook.com/emerald/pizzatoday/202308
https://www.nxtbook.com/emerald/pizzatoday/202307
https://www.nxtbook.com/emerald/pizzatoday/202306
https://www.nxtbook.com/emerald/pizzatoday/202305
https://www.nxtbook.com/emerald/pizzatoday/202304
https://www.nxtbook.com/emerald/pizzatoday/202303
https://www.nxtbook.com/emerald/pizzatoday/202302
https://www.nxtbook.com/emerald/pizzatoday/202301
https://www.nxtbook.com/emerald/pizzatoday/202212
https://www.nxtbook.com/emerald/pizzatoday/202211
https://www.nxtbook.com/emerald/pizzatoday/202210
https://www.nxtbook.com/emerald/pizzatoday/202209
https://www.nxtbook.com/emerald/pizzatoday/202208
https://www.nxtbook.com/emerald/pizzatoday/202207
https://www.nxtbook.com/emerald/pizzatoday/202206
https://www.nxtbook.com/emerald/pizzatoday/202205
https://www.nxtbook.com/emerald/pizzatoday/202204
https://www.nxtbook.com/emerald/pizzatoday/202203
https://www.nxtbook.com/emerald/pizzatoday/202202
https://www.nxtbook.com/emerald/pizzatoday/202201
https://www.nxtbook.com/emerald/pizzatoday/202112
https://www.nxtbook.com/emerald/pizzatoday/202111
https://www.nxtbook.com/emerald/pizzatoday/202110
https://www.nxtbook.com/emerald/pizzatoday/202109
https://www.nxtbook.com/emerald/pizzatoday/202108
https://www.nxtbook.com/emerald/pizzatoday/202107
https://www.nxtbook.com/emerald/pizzatoday/202106
https://www.nxtbook.com/emerald/pizzatoday/202105
https://www.nxtbook.com/emerald/pizzatoday/202104
https://www.nxtbook.com/nxtbooks/pizzatoday/202103
https://www.nxtbook.com/nxtbooks/pizzatoday/202102
https://www.nxtbook.com/nxtbooks/pizzatoday/202101
https://www.nxtbook.com/nxtbooks/pizzatoday/202012
https://www.nxtbook.com/nxtbooks/pizzatoday/202011
https://www.nxtbook.com/nxtbooks/pizzatoday/202010
https://www.nxtbook.com/nxtbooks/pizzatoday/202009
https://www.nxtbook.com/nxtbooks/pizzatoday/202008
https://www.nxtbook.com/nxtbooks/pizzatoday/202007
https://www.nxtbook.com/nxtbooks/pizzatoday/202006
https://www.nxtbook.com/nxtbooks/pizzatoday/expo_2020
https://www.nxtbook.com/nxtbooks/pizzatoday/202005
https://www.nxtbook.com/nxtbooks/pizzatoday/202004
https://www.nxtbook.com/nxtbooks/pizzatoday/202003
https://www.nxtbook.com/nxtbooks/pizzatoday/202002
https://www.nxtbook.com/nxtbooks/pizzatoday/202001
https://www.nxtbook.com/nxtbooks/pizzatoday/201912
https://www.nxtbook.com/nxtbooks/pizzatoday/201911
https://www.nxtbook.com/nxtbooks/pizzatoday/201910
https://www.nxtbook.com/nxtbooks/pizzatoday/201909
https://www.nxtbook.com/nxtbooks/pizzatoday/201908
https://www.nxtbook.com/nxtbooks/pizzatoday/201907
https://www.nxtbook.com/nxtbooks/pizzatoday/201906
https://www.nxtbook.com/nxtbooks/pizzatoday/201905
https://www.nxtbook.com/nxtbooks/pizzatoday/201904
https://www.nxtbook.com/nxtbooks/pizzatoday/201903
https://www.nxtbook.com/nxtbooks/pizzatoday/201902
https://www.nxtbook.com/nxtbooks/pizzatoday/201901
https://www.nxtbook.com/nxtbooks/pizzatoday/201812
https://www.nxtbook.com/nxtbooks/pizzatoday/201811
https://www.nxtbook.com/nxtbooks/pizzatoday/201810
https://www.nxtbook.com/nxtbooks/pizzatoday/201809
https://www.nxtbook.com/nxtbooks/pizzatoday/201808
https://www.nxtbook.com/nxtbooks/pizzatoday/201807
https://www.nxtbook.com/nxtbooks/pizzatoday/201806
https://www.nxtbook.com/nxtbooks/pizzatoday/201805
https://www.nxtbook.com/nxtbooks/pizzatoday/201804
https://www.nxtbook.com/nxtbooks/pizzatoday/201803
https://www.nxtbook.com/nxtbooks/pizzatoday/201802
https://www.nxtbook.com/nxtbooks/pizzatoday/201801
https://www.nxtbook.com/nxtbooks/pizzatoday/201712
https://www.nxtbook.com/nxtbooks/pizzatoday/201711
https://www.nxtbook.com/nxtbooks/pizzatoday/201710
https://www.nxtbook.com/nxtbooks/pizzatoday/201709
https://www.nxtbook.com/nxtbooks/pizzatoday/201708
https://www.nxtbook.com/nxtbooks/pizzatoday/201707
https://www.nxtbook.com/nxtbooks/pizzatoday/201706
https://www.nxtbook.com/nxtbooks/pizzatoday/201705
https://www.nxtbook.com/nxtbooks/pizzatoday/201704
https://www.nxtbook.com/nxtbooks/pizzatoday/201703
https://www.nxtbook.com/nxtbooks/pizzatoday/201702
https://www.nxtbook.com/nxtbooks/pizzatoday/201701
https://www.nxtbook.com/nxtbooks/pizzatoday/201612
https://www.nxtbook.com/nxtbooks/pizzatoday/201611
https://www.nxtbook.com/nxtbooks/pizzatoday/201610
https://www.nxtbook.com/nxtbooks/pizzatoday/201609
https://www.nxtbook.com/nxtbooks/pizzatoday/201608
https://www.nxtbook.com/nxtbooks/pizzatoday/201607
https://www.nxtbook.com/nxtbooks/pizzatoday/201606
https://www.nxtbook.com/nxtbooks/pizzatoday/201605
https://www.nxtbook.com/nxtbooks/pizzatoday/201604
https://www.nxtbook.com/nxtbooks/pizzatoday/201603
https://www.nxtbook.com/nxtbooks/pizzatoday/201602
https://www.nxtbook.com/nxtbooks/pizzatoday/201601
https://www.nxtbook.com/nxtbooks/pizzatoday/201512
https://www.nxtbook.com/nxtbooks/pizzatoday/201511
https://www.nxtbook.com/nxtbooks/pizzatoday/201510
https://www.nxtbook.com/nxtbooks/pizzatoday/201509
https://www.nxtbook.com/nxtbooks/pizzatoday/201508
https://www.nxtbook.com/nxtbooks/pizzatoday/201507
https://www.nxtbookmedia.com