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Year End Tax Planning

Now that we are approaching the end of 2015, it is a good time to review your finances and do some year-end tax planning. Here are a few basic steps you can take to reduce your tax liability. RETIREMENT PLAN If you are a participant in your employer's 401k plan, review your contributions date. You still have time to adjust your contributions to the maximum amount ($18,000 plus an additional $6,000 if you are over 50). You can make this adjustment by contacting your HR department and having your withholding amount changed. REVIEW YOUR INVESTMENT PORTFOLIO Now is the time to review your investment portfolio. Determine if you have significant gains or losses in 2015. If you have signif

The Affordable Care Act Requirements

Last year, we sent out information regarding the employer health insurance reporting requirements that came about as a part of the Affordable Care Act (ACA). Because the effective date is quickly approaching for some employers, we are revisiting these requirements. We recommend that employers familiarize themselves with the requirements based on their size classification so that those required to file for 2015 can make sure they have collected the necessary data for year-end reporting. Under the ACA, employers are divided into two groups: small employers and large employers. Small employers are those who employ less than 50 full-time or full-time equivalent (FTE) employees (either individ

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