Don’t forget to take required minimum distributions this year

If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a certain age — or you’ll be penalized. The CARES Act, which passed last March, allowed people to skip taking these withdrawals in 2020 but now that we’re in 2021, […]

Navigating to a new day: Antares Group hosts virtual financial symposium

It’s a new day in this post-COVID world. Much has changed in the past several months, and we want to shed light on some topics that are most relevant to you and your business. To help you navigate through this ever-evolving environment, Antares Group is hosting a virtual financial symposium specifically for McDonald’s owner/operators. This symposium […]

Antares Group named a Top 300 Accounting Firm and Top 300 Fastest-Growing Firm

Antares Group, Inc., has been named as a Top 300 Accounting Firm for 2020 by INSIDE Public Accounting. This national ranking by the award-winning newsletter for the public accounting profession recognizes the country’s top accounting firms in terms of revenue and growth. Antares Group has also been named a 2020 IPA 300 Fastest-Growing Firm. “We […]

Take advantage of a “stepped-up basis” when you inherit property

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Fair market value rules Under the fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So, […]

Taking care during coronavirus

Businesses are slowly beginning to reopen and different areas are relaxing some of the requirements to shelter in place as a result of the COVID-19 health crisis. As we move into this next phase, it is important to remember that seniors and individuals with underlying health conditions remain vulnerable to coronavirus, but also to remember […]

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 […]

Numerous tax limits affecting businesses have increased for 2020

An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2020 at $137,700 (up from $132,900 […]

Making business improvements before year-end may get you a bonus

Let’s talk bonus depreciation. It’s time for year-end tax planning, and under the Tax Cuts and Jobs Act, qualified new and used property that is acquired and placed in service in your business in 2019 is eligible for 100 percent first-year bonus depreciation. In other words, if you have been thinking about purchasing some equipment […]

Contribution limits for 401(k) plans increasing in 2020; IRA limits remain the same

The contribution limits for employees with 401(k), 403(b) and most 457 plans will increase in 2020 from 19,000 to $19,500. The catch-up contribution limit for employees 50 and older who participate in these plans is increased from $6,000 to $6,500. The income ranges for determining eligibility to make deductible contributions to traditional IRAs and Roth […]