Along with getting everything organized for this year’s tax season, here is some information to be aware of for the beginning of the year:
- 401k and 403b contributions have increased
- The 2015 401K maximum contribution is $18,000!
The maximum 401K catch-up contribution per year for those over 50 years old will also increase to $6,000 in 2015 (up $500) over the standard contribution limit in 2014. This is the same for 403B’s and 457’s. The catch-up contribution is IN ADDITION TO the regular contribution limit.
- HSA contribution limit (employer + employee)
- SIMPLE IRA Contribution Limits and Deadlines
(if under age 50)
(if over age 50)
|2014||$12,000||$14,500||04/15/2015 (plus extensions)|
|2015||$12,500||$15,500||04/15/2016 (plus extensions)|
Reminders for businesses
- Due date of Business Entity Tax
For tax years beginning on or after January 1, 2013, the business entity tax is due every other year. You will receive no reminder and this form has to be filed and paid electronically. For a calendar year filer, the filing periods will be as follows:
BIENNIAL PERIOD (2-Year Period) BET DUE DATE AMOUNT DUE:
Beginning 1/1/2013 – Ending 12/31/2014 April 15, 2015 $250
Beginning 1/1/2015 – Ending 12/31/2016 April 15, 2017 $250
- Connecticut Annual Report
All registered businesses file an annual report. You have to file your Connecticut annual report using the Secretary of State’s online filing system. Connecticut Secretary of State mails a reminder to your Connecticut registered agent. Be certain you have a reliable and knowledgeable registered agent to assist in keeping your company in good standing.
- All Connecticut employers are required to report all newly-hired employees within 20 days of hiring them.
Immediately report all new hires and rehires to the CT Department of Labor by going to: http://www.ctdolstate.ct.us/newhires/index.asp
- Connecticut Minimum Wage Rates
- Basic Minimum Rate (per hour) = $9.15
- Premium Pay After Designated Hours = 40 hours
- In restaurants and hotel restaurants, for the 7th consecutive day of work, premium pay is required at time and one half the minimum rate.
We are, as always, here to answer and assist with any questions or concerns you may have.