Thanks to a new ruling by the IRS, qualifying restaurants can now deduct 75% of the costs of remodeling and upgrading their establishments immediately, Restaurant Hospitality reports. The determining factor is “the expenses must be capitalized as ‘improvements’ or capitalized under the uniform capitalization rules as self-produced property.” If you are not sure what that actually means, here are the actual definitions, courtesy of Restaurant Hospitality :
1. Qualified Leasehold Improvement Property—Improvements made to a nonresidential building’s interior (other than elevators, escalators, enlargements, structural components benefiting common areas, and the building’s interior structural framework). The improved space must be occupied by a tenant or subtenant and those improvements must be placed in service more than three years after the building was first placed in service.
2. Qualified Restaurant Property—Buildings and improvements where over 50 percent of the building’s square footage is devoted to the preparation of meals and seating for on-premises consumption.
3. Qualified Retail Improvement Property—Improvements made to a nonresidential building’s interior that are open to the general public (other than elevators, escalators, enlargements, structural components benefiting common areas, and improvements to the building’s interior structural framework) for a building used in a retail business selling tangible personal property to the general public. Once again, the improvements must be placed in service more than three years after the building was first placed in service.
Controlled Jolt From That Cup Of Joe
Not even your cup of Joe is safe from tinkering scientists. Now Nestle researchers are developing a coffee that releases its caffeine throughout the entire day, delish.com reports. The new brew offers a slow-release version of caffeine, so you may not get that big jolt in the morning, but no more caffeine crashes at inopportune times, either!
Smaller-concept Restaurant Chains Are Upbeat
Mention 2016 and the smaller chain restaurant executives are beaming over expected opportunities for growth, reports National Restaurant News. More of those surveyed have fewer than 25 locations and earnings under $150 million. So why are they so upbeat? Most see profits increasing in 2016 by nearly 6%. Quick-service joints foresee a 9% growth pattern. Many of these restaurants are investing in new technology, from electronic menus to tabletop ordering devices and loyalty tracking analytics.
How To Attract Investors In Your Business
Ever see Shark Tank and wonder how you attract your own version of financial supporters? Here are 4 leading tips to follow:
- Winners always display a level of confidence best described as “gumption” – not too meek and not too cocky.
- An exemplary work ethic not a “skater.”
- Be a team player. Without a team, you are a lone wolf and likely will stay that way.
- Follow a reasonable dream, not a pipe dream. What is the difference? One makes money and the other cannot. Simple as that.
Restaurant Sales Slowing
According to a new MillerPulse survey, restaurant sales hit their lowest point of the year in November, Nation’s Restaurant News reports. That means steeper discounts to attract traffic are likely. The one bright side, casual dining spots saw a 1.9% increase for the month. In addition, if USA Today research is correct, the holiday season will put more people in the eating mood as stoppers stop to dine out or make a night out in a restaurant a holiday destination.
The demand for gluten-free foods has exploded in the past few years. Along with that increase are consumer expectations that gluten-free dishes will feature variety, taste and quality, Heinz Foodservice reports. So why not a gluten-free soup? It can be made in so many tasty varieties and include “ancient” grains, such as quinoa. In the hands of a skilled and inventive kitchen, your gluten-free soups could quickly become the reason consumers keep coming back for more.