NASE News

Tax Code Updates Every American Should Know Before Filing This Year’s Returns

FOR IMMEDIATE RELEASE:
CONTACT:  Kristofer Eisenla, LUNA+EISENLA media
kristofer@lunaeisenlamedia.com | 202-670-5747

Tax Reform Policies Passed Last Year Do NOT Apply to 2017 Filings; Updates to Tax Code Could Save Money

DALLAS, TX – As millions of American’s, including the small business community, prepare their 2017 tax filings, the National Association for the Self-Employed (NASE), the nation’s leading advocate and resource for the self-employed and micro-businesses, today released a list of important tips and resources for filing accurate returns, including updates to the tax code and ways to reduce tax liability. 

“The most important thing tax filers must remember: the passage of the tax reform bill signed into law last year does not impact your 2017 filings,"  said Keith Hall, President and CEO of NASE. “The public should continue to file your 2017 returns under the current system, but should also begin planning and educating themselves about how the new tax system will impact them.

“To avoid mistakes and errors on tax returns, now is the time to gather all your documents. Think about hidden or often forgotten deductions; think about what is missing; and think about how all your business costs fit into your overall financial picture. The number one reason for audits and unwanted IRS scrutiny is simple mistakes on tax returns. Do not wait until the last minute!”

TOP TAX FILING TIPS

1. Gather Your Documents Early – don’t wait until the last minute;now is the time to start making sure you have all your important tax filing documents.
2. You’re Not Alone – stay connected;there are resources out there to help you from IRS.gov to NASE.org and tax professionals.
3. Educate Yourself About Changes to the Tax Code – believe it or not, there are changes and adjustments to the tax code year-to-year; make sure you find out what they are so you are prepared and can take advantage of them.
4. Don’t Forget About Hidden or Overlooked Deductions – don’t leave anything on the table;make sure you are not missing any deductions that apply to you that can make the difference, such mileage reimbursement, retirement contribution and the home office deduction.

“Even though the major tax reform law isn’t in effect for 2017 filing, there are still updates to the tax code every small business owner and taxpayer should know as they prepare to file this year’s tax returns. From an update in the mileage reimbursement rate to investment contributions, applying some of these small updates can help reduce your overall tax liability,” continued Hall.

2017 TAX UPDATES AND REMINDERS
 

• The tax filing date is Tuesday, April 17^th, 2018
• The tax reform policies passed last year DO NOT apply for 2017 filings
• A streamlined, standard home office deduction is now available
• The standard mileage rate for business use of an automobile is 53.5 cents per mile for 2017 tax returns
• Limits for retirement plan contributions such as SEPs, IRAs and 401(k) plans may have changed for your situation
• The lawful applicability of Health Reimbursement Accounts (HRAs) without penalty
• Consider planning for the 2018 tax filing year under the new tax code policies

“Knowing these updates can help ensure you can reduce the tax you owe while filing accurate returns this year.”

Click here for tips on preparing your tax returns this year. For more information on completing your tax documents, visit NASE’s tax resource center or the IRS or the Small Business Administration (SBA).

The National Association for the Self-Employed (NASE) is the nation's leading advocate and resource for the self-employed and micro-businesses, offering 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 Next Biz Thing helps identify and connect our nation’s smallest businesses. Need small business help? Check out NASE’s Ask the Experts for advice or the NASE Minute for small business support.

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 website at NASE.org