State-sponsored 401(k)s for small firms?

Many small companies don't have qualified retirement plans enabling workers to save for retirement. Under California's Secure Choice Retirement Savings Program enacted in 2012, eligible employers (those with 5 or more employees but without company plans) will automatically enroll workers (who can opt out) and take payroll deductions; these are transferred to the state-administered plan. Enrollment is expected to begin in 2016. There's no employer match to employee contributions. About a half dozen other states, including Connecticut and Illinois, are considering similar legislation.

Don't forget ... for year-round tax planning and critical business strategy, you'll want your copy of J. K. Lasser's Guide to Self-Employment: Taxes, Tips and Money-Saving Strategies for Schedule C Filers - available on Amazon!

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