Required Minimum Distribution to be taken by year end
Taxpayers born before July 1, 1948, generally must receive Required Minimum Distribution (RMD) payments from their Individual Retirement Arrangements (IRAs) and workplace retirement plans (including Section 401(k) , 403(b) , and 457(b) plans) by Dec. 31, 2018. A special rule allows those who reached age 70 1/2 during 2018 to wait until as late as […]
A 529 plan is a good option to save for higher education costs
The average cost for tuition and fees for an in-state public college in 2017 was just under $10,000 per year, according to the College Board. The average estimated cost for the 2018-19 year is $10,230. That does not account for room and board (mandatory for freshman at many schools), books and supplies, transportation and other […]
Standard mileage rates to increase in 2019
The standard mileage rate for business travel is increasing in 2019 by more than 3 cents per mile. Beginning Jan. 1, 2019, the standard mileage rate for transportation or travel expenses is 58 cents per mile, up 3.5 cents from 2018 when it was 54.5 cents per mile. The Tax Cuts and Jobs Act suspended […]
Minimum wage increases add pressure to labor costs
With wages going up across the country, owner/operators must be sure to continue to place a priority on planning to try to offset the increased cost pressure as much as possible. Approximately 40 percent of the states will have minimum wage increases in 2019. Some are going up just a few cents (e.g., Alaska increasing […]
Year-end tax and financial to-do list for individuals
With the dawn of 2019 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2018 ends: Check your FSA balance. If you have a Flexible Spending Account (FSA) for health care expenses, you need to incur qualifying expenses by December 31 to use up these funds or […]
Check deductibility before making year-end charitable gifts
As the holidays approach and the year draws to a close, many taxpayers make charitable gifts — both in the spirit of the season and as a year-end tax planning strategy. But with the tax law changes that go into effect in 2018 and the many rules that apply to the charitable deduction, it’s a […]
Securely retain tax documents for future needs
“Out with the old, in with the new” can be good advice when shedding bad habits, but not necessarily the wisest course to take when retaining important records. Maintaining tax documents and other financial records is important when preparing to file taxes or an amended return, or in the case of an IRS audit. We […]
Antares Group donates Thanksgiving meals to Phoenix Pass
Our associates at Antares Group, Inc. donated money to purchase Thanksgiving meal ingredients and the firm provided provided turkeys for the 15 families living at Phoenix Pass, a nonprofit organization based in Conyers, Ga., that provides transitional housing to women and their children experiencing temporary homelessness. The program provides participants the opportunity to reestablish self-sufficiency in […]
IRS updates rules impacting employee meals and entertainment
With the holiday season upon us, many employers plan to host holiday or year-end parties for their employees. The Tax Cuts and Jobs Act has added a few more wrinkles to how these business meals and entertainment expenses are to be handled from a tax perspective. Some of the rules were unclear, so the IRS […]
Former McDonald’s Finance Director Brad Rendall joins Antares Group, Inc.
Antares Group Inc. is pleased to announce that Brad Rendall has joined the firm. Brad started with Antares Group, Inc. November 12, and will be working with owner/operators providing financial counsel and advice about their financial health and financial position, as well as providing them with in-depth financial analysis. Brad has more than 20 years […]