More parents may owe “nanny tax” this year, due to COVID-19

In the COVID-19 era, many parents are hiring nannies and babysitters because their daycare centers and summer camps have closed. This may result in federal “nanny tax” obligations. Keep in mind that the nanny tax may apply to all household workers, including housekeepers, babysitters, gardeners or others who are not independent contractors. If you employ […]

Give your 401(k) plan a checkup at least once a year

In many industries, offering a 401(k) plan is a competitive necessity. If you don’t offer one and a competitor does, it could mean the difference in a job candidate’s decision to accept their offer over yours. It could even send employees heading for the door. If you do not currently have a retirement plan for […]

Can you deduct charitable gifts on your tax return?

Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple years ago and the many rules that apply to charitable deductions, you may no longer get a tax break for your generosity. Are […]

‘A piece of cake:’ Sage Intacct making a difference for business

“A piece of cake.” That’s how one McDonald’s owner/operator has described using Sage Intacct for her 14-store organization in Missouri. Dawn Giarla, who, along with her husband, Chris, have been clients with Antares Group for 20 years, made the switch to Sage Intacct for their organization about six months ago. “It took a little getting […]

New Oregon Corporate Activity Tax takes effect in 2020

High-earning business taxpayers in Oregon will soon have to pay higher taxes under the new statewide corporate activity tax. The Corporate Activity Tax is a new business tax in addition to the state’s corporate income tax. The new tax is effective for tax years beginning on or after Jan. 1, 2020, and it imposes a […]

Calculating QBI deduction can be complex and time-consuming

One of the more beneficial provisions of the 2017 Tax Cuts and Jobs Act for individuals and small business owners is the new qualified business income (QBI) deduction under Section 199A. Eligible taxpayers may be entitled to a deduction of up to 20 percent of QBI, a significant tax savings for owners of sole proprietorships, […]