MAKE BETTER BUSINESS DECISIONS WITH SIMPLIFIED DATA

As a manager, you're no doubt swimming in a constant stream of information. Fortunately, you can keep your head above water by boiling down the data into a format that's relevant, concise, and user-friendly. For instance, significant indicators can typically be gathered on a single sheet of paper. Examples include revenues by product or service line, cash and accounts receivable balances, gross profit ratios by product line for retail and wholesale businesses, and productive salaries and benefits for service businesses. If you'd like help developing a simplified system tailored to your specific needs, contact our office at (518) 798-3330.

PREPARE FOR NEW WELLNESS PLAN NOTIFICATIONS

Wellness programs, when provided as a fringe benefit as part of a cafeteria plan, can benefit both your company and your employees. But you may be collecting information about your employees that is regulated by several federal statutes, including rules on confidentiality and nondiscrimination. Beginning in January 2017, you'll need to provide your employees with a notice stating what information you collect, and how it will be used, along with other details.

REVIEW HEALTH INSURANCE MARKETPLACE NOTICES PROMPTLY

Health insurance marketplaces are sending notices to employers this year when employees receive advance premium tax credits to help pay health insurance premiums. The notice itself does not assess a penalty, but if you get a notice, you'll want to make sure the information is correct. You have 90 days to appeal if you believe you provide employees with qualified coverage. Contact us at (518) 798-3330 for assistance.

GET SERIOUS ABOUT CATCHING UP

If you're age 50 or older, tax law has a permanent provision that lets you make extra contributions to your retirement plans. These "catch-up" contributions vary depending on the type of retirement plan. For example, if you participate in a SIMPLE, you can make a catch-up contribution of up to $3,000 in 2016, over and above the maximum $12,500 salary reduction contribution. For IRAs, both Roth and traditional, the 2016 catch-up contribution is $1,000.

SAVING FOR A COMFORTABLE RETIREMENT IS UP TO YOU

If your employer offers a 401(k) plan, participating can mean the difference between having a sufficient nest egg and worrying about your expenses after you stop working. Tips for making the most of your 401(k) include contributing at least enough to receive the amount your company will match, and allocating your contributions between different types of investments in a way that meets your tolerance for risk while still allowing for the growth rate you need. The retirement clock is ticking. Contact us at (518) 798-3330 for more suggestions about ways you can save.

WHO PAYS FOR SOCIAL SECURITY AND MEDICARE?

According to the 2016 Summary of Annual Reports by the trustees, the major source of funding for the Social Security and Medicare programs is the payroll tax you and your employer pay, or that you pay as a self-employed worker. In addition, about 13% of the funding comes from the taxation of social security benefits – those taxes you pay with your federal income tax return when you collect social security benefits and your income is above a certain amount. Other sources of funding come from the interest earned from the Treasury on the program assets, monthly premiums paid for Medicare benefits, and general tax revenue.

ACCOUNTABLE PLANS ARE A WIN-WIN BUSINESS IDEA

Are you looking for a way to give your employees a tax-free benefit that is also tax-deductible for your business?

TAKE THESE STEPS TO HELP PREVENT FRAUD IN YOUR BUSINESS

How can you prevent employee fraud in your business? Here are four suggestions.

GOOD DEBT, BAD DEBT: WHAT'S THE DIFFERENCE?

Here are two questions to ask before incurring debt. What are the benefits of taking on this debt? And does the cost exceed the benefit?