In order to make money in the restaurant business, prime costs should generally be in the 60 percent to 65 percent range. How that breaks down between food and labor is less important than achieving a prime cost maximum that produces a satisfactory profit.
The standard mileage rate is by far the easiest to use. With the standard mileage rate, you take the deduction of a specified number of cents for every business mile you drive. The IRS sets the standard mileage rate each year. The 2017 Mileage Rate is 53.5 cents per mile. To figure out your mileage deduction, simply multiply your business miles by the standard mileage rate for the specific year. Example: Ed, a salesperson, drove his car 20,000 miles for business during 2017.
The mileage rate for motor vehicles is 74 cents per kilometre. Find out more information about mileage rates. Rates apply to each income tax year (1 April â 31 March).If you have a non-standard balance date the rate applies from the beginning of your relative income year. You can use this rate for up to a maximum of 5,000 km of work-related travel per year.For distances greater than 5,000 km, you must keep a record of actual vehicle expenses. The rate applies irrespective of engine size or whether your vehicle is powered by a petrol or diesel engine.ou can use this rate for up to a maximum of 5,000 km of work-related travel per year. For distances greater than 5,000 km, you must keep a record of actual vehicle expenses. The rate applies irrespective of engine size or whether your vehicle is powered by a petrol or diesel engine.