Some states, including Connecticut and Maryland, are exploring the idea of automatic savings programs for their residents. States would put the onus on businesses that don’t have qualified retirement plans to set up automatic payroll withholding programs for retirement savings. Since most large companies have such plans, they aren’t affected; small businesses with no such plans would have to comply with new withholding rules.
Are you self-employed? Be sure to see J.K. Lasser’s Guide to Self-Employment for help with taxes, strategies, and essential money-saving tips! And, for year-round tax planning tips that you need to know now, see this complete list of tax and business books.
If you’re an entrepreneur or small business owner, you’ll want to check out these useful tips for running your business in my YouTube interview with The Hartford.