This time of year we frequently receive questions about vehicles and how to optimize tax write-offs related to them. Maybe you’ve seen the TikToks about how to get a G Wagon for free (spoiler alert: you can’t) or maybe you’ve heard friends talk about how they write off all of their vehicle expenses… either way, the model year has changed and you’re ready to buy a new ride while maxing out your write-offs.

Every year during each of the typical restaurant slow periods (here’s looking at you August-September 15th and January 2nd - Feb 13th!) clients begin to panic just a little bit. “Sales are slow,” they’ll complain. “I’m worried about cash.” “I think I need a controller.” The good news is that as a Harmony Group client you already have a controller, and even better, you have the best CFO team in the land.

For people who receive primarily wages, called W-2 income, income taxes are withheld from each paycheck along with the employee’s half of the required contribution for Social Security and Medicare Taxes (for W-2 wages, the employer is responsible for the other half of FICA taxes). The net effect of this arrangement is that most taxpayers don’t have to deal with estimated tax payments.

Usually with Lessons From the Line we offer tips, news, and updates about our industry - this month we’d like to talk a little about the tech updates we’re undertaking here at Harmony Group to better serve you.

Usually with Lessons From the Line we offer tips, news, and updates about our industry - this month we’d like to talk a little about the tech updates we’re undertaking here at Harmony Group to better serve you.

Usually with Lessons From the Line we offer tips, news, and updates about our industry - this month we’d like to talk a little about the tech updates we’re undertaking here at Harmony Group to better serve you.

Like everything the IRS touches, gifts can get a little bit complicated, but with a general understanding of the rules you can stay compliant and avoid any issues. If you are uncertain about your gift tax obligations, or considering a big gift anytime in the future, your Harmony Tax team is available to consult with you for personalized advice on gifting and tax planning.

Every business is only as successful as the people that make it go. Whether you call your employees a team, a family, a gang of pirates it’s essential that you schedule, compensate, promote and manage them is part of a thoughtful and holistic strategy that incorporates the needs of all the stakeholders.

With the April 18 tax deadline already in the rearview mirror, many of our clients might be eyeing their mailbox or bank account, wondering when that refund check is going to land. If you worked with your Harmony advisor to file your taxes before the deadline (without an extension) and are expecting a refund, the waiting game begins.

The meteoric rise of third-party delivery services (“3PD”) like Uber Eats, DoorDash, and Grubhub forever changed the economics of the restaurant industry. This month’s LFTL takes a look at successfully integrating them into your business model.

Despite their ubiquity for taxpayers, however, most Americans remain blissfully unaware of how tax extensions work at both the federal and state levels, as well as the penalties associated with underpaying taxes. This month’s Commonsense CPA delves into the specifics.

Before this weekend you may not have even heard of SVB, now the second largest bank failure in US history.

Despite being something of a four letter word in the industry, brunch has become a key revenue driver for restaurants across the hospitality landscape. Read on for considerations to make before beginning this potentially lucrative service.

This month’s CCPA looks at interest income, and the long and short of it is: your spring cleaning should be figuring out what to do if you’re sitting on a significant amount of cash. We don’t give investment advice around here but we want to highlight that for the first time in 10+ years there is actually interest income that can be generated by cash. Additionally, the flip side of higher interest rates is usually higher inflation so any cash sitting in a bank account is actually losing real purchasing power.

When the calendar turns to January, it means one thing for your Harmony team – tax season has begun. In this month’s Commonsense CPA we’re tackling a number of basic considerations as we enter our busiest time of year, as well as a brief expense review for 2022.

Congress just passed the Consolidated Appropriations Act. It is, of course, over four thousand pages. Read on for Harmony’s high level overview of its contents.

As the calendar turns over from 2022 to 2023 we want to take a minute to remind you of the services performed by Harmony Group so any clients who are reading this can better understand our services. Please don’t hesitate to reach out and take advantage of these services or ask questions about anything you don’t understand or want to learn more about.

The DC Transportation Benefits Equity Amendment Act of 2020 goes into effect next month. Beginning 1/15/23, your business may need to replace its parking benefits with some other benefit, or pay a monthly fee to the city.

This month's Commonsense CPA focuses on the tax unicorn that is the HSA: there are no income limits to using an HSA. The only real qualification is that you have to be on a High Deductible Health Care Plan (HDHP) and not subject to coverage under other plans (like Medicare, VA, etc). Your HSA is a beautiful option to reduce your taxes and lower your out of pocket health care costs.

The midterms are over and DC is now officially the first major city in more than two decades to upend the entire compensation structure of its restaurant industry. Initiative 82 is here - what does that mean for your business?