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.
Standard Rates. Employers who pay mileage reimbursements usually set the amount at or slightly below the IRS standard rate for business use of personal vehicles. The standard rate is updated periodically to reflect average vehicle operating costs. For example, in 2012 the standard rate was 55.5 cents per mile.f you're going to pay mileage reimbursements, you are required to comply with IRS rules regarding allowable mileage and record keeping in order to write off the reimbursements as a business expense.