Open A Food Truck with Help From the Government
First there's talk about a new stadium being built then I'm looking for a sugar daddy to fund a sports bar that would live across the street and this whole time the IRS is saying that they'll "help" buy a food truck. What are we waiting for?
When opening a brick and mortar, you're definitely going to need a chunk of change. In the past few years, it seems that going the route of a food truck not only is less expensive but it makes the food mobile and able to be brought straight to the customer rather than making them come to you.
A new food truck isn't cheap. Let's not get it twisted. If I were to start a mobile sports bar near the new stadium, I would be looking at an investment averaging around $60,000. More if I add the bells and whistles like high end appliances, decor, custom paint job, etc. The cost can build quickly.
There is a way around it if you're willing to wait until the end of the year. Or, like, NOW!
While filing business taxes, you'll want to pay attention to the Internal Revenue Code Section 179 deduction. This specific line item reduces the amount of income on which you are taxed for the year you put your food truck into service. Technically speaking, you'll reduce your taxable income which could result in a lighter tax liability.
In thinking about our sports bar food truck (you were doing this with me, right?), do you think we could be in service over 50% of the year? If we can do that, it will help us so much.
Let's think about what our plan is, what our name will be and what we would like to serve. This whole project took on an entirely new life of it's own. The food truck life.
What's your favorite food truck that travels around the valley?