Income taxes – taxes on gross income adjusted for various deductions allowable by law.
Capital Gain Taxes – taxes on the surplus that results from the sale of an asset over its original purchase price
Property Taxes – taxes on the property owned by the business determined through a real estate appraisal
Other Hospitality Industry Taxes
– Sales Taxes – collected from guests by hospitality business for taxes assessed on the sale of food, beverage, rooms and other hospitality services; these funds are transferred to the appropriate taxing authority on a monthly or quarterly basis
– Occupancy (Bed) Tax – collected from guests and paid to a local taxing authority
– Tipped Employee Tax – assessed on tips and gratuities given to employees by guests or the business as taxable income for those employees.
Managerial Accounting for the Hospitality Industry By Lea R. Dopson, David K. Hayes