Bill Would Create Optional Standard Deduction
Washington, D.C., May 12, 2011 - The National Association for the Self-Employed (NASE) is thrilled to lend support to legislation introduced today by Congressmen Kurt Schrader (D-Ore.) and Ron Kind (D-Wis.) which would simplify taxes for millions of small business owners.
The Home Office Deduction Simplification Act, HR. 1827, would allow home-based businesses to take a standard $1,500 deduction for home office expenses. According to an NASE study, more than half of small businesses are based out of a home office.
"Too many home-based business owners who are eligible for the home office deduction elect not to take it because of the complexity of the form and calculations required,” said Kristie Arslan, Executive Director of the National Association for the Self-Employed (NASE). "This means valuable tax refund dollars that could be invested back into the business are left on the table each year. The creation of an optional standard deduction will go a long way in easing the minds of these cautious business owners. The fact that this bill ensures that the standard deduction will be adjusted for inflation also ensures that future businesses will be able to take advantage of this tax benefit for years to come.”
The NASE has strongly supported efforts in both the House and Senate to create an optional standard home office deduction. The Association supported a similar House bill which was introduced in Congress by Schrader and Kind in 2009.
About the NASE
The National Association for the Self-Employed (NASE) is the nation's leading resource for the self-employed and micro-businesses, bringing a broad range of benefits to help entrepreneurs succeed and to drive the continued growth of this vital segment of the American economy. The NASE is a 501(c) (6) nonprofit organization and provides big-business advantages to hundreds of thousands of micro-businesses across the United States. For more information, visit the association's Web site at www.NASE.org.