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Tax Tips for the 2012 Tax Filing Season

Thursday, March 14, 2013

FOR IMMEDIATE RELEASE

Tuesday, March 12, 2013

CONTACT: Kristofer Eisenla, Luna Eisenla Media

kristofer@eisenlamedia.com | 202-670-5747 (mobile)

Tax Tips for the 2012 Tax Filing Season

National Association for the Self –Employed Highlights Changes to Tax Code While Offering Resources and Assistance to Maximize Returns 

WASHINGTON – With the 2012 tax filing season just around the corner, The National Association for the Self-Employed (NASE), the nation’s leading resource for the self-employed and micro-businesses, today released additional tax tips for the public as part of it’s national public awareness initiative. In addition to ensuring the public and America’s smallest businesses file accurate and beneficial returns for 2012, the NASE is helping to make the public aware of upcoming changes to this year’s tax code while offering tax advice, assistance and resources.

“Millions of small businesses are set to file their 2012 returns in just about a month. We want to make sure they are aware of the changes to the tax code while providing tips to ensure they file accurate returns that help maximize their savings,” said Kristie Arslan, President and CEO of the NASE.

In the week’s leading up to Tax Day, the NASE will release a variety of tax tips to help the public better prepare their 2012 tax return. Beginning March 4th, a new tax tip will be posted weekly on the NASE website. The NASE will also make their tax experts available through numerous tax webinar sessions designed to help the public. Each webinar is live with one of the NASE’s tax experts and allows participants to submit questions to be answered live on the webinar by the expert.

“You can never be too prepared when filing your tax returns,” said Keith Hall, NASE National Tax Advisor. “When filing your taxes, you want to make sure you are aware of the changes and how to use them to your advantage. Our tax tips and resources are designed to help the small business community do just that.”

The following tax tips have been released by the NASE as part of its national public awareness initiative, which are also posted on the NASE blog, Self Made:

  • Resources, You Are Not Alone, Tax Tip #2 – Released March 11th
    Hopefully, you are well on your way to accumulating all of the paper, statements, and receipts you'll need to complete your tax return. Tackling your return can certainly be difficult with all of the detail that you are asked to remember. But, the single most important thing to remember is that you are not alone. If you have an Internet connection, you have resources to help you with your tax return. Check out NASE.org for help with any questions that you might have related to your 2012 tax return. Also bookmark the IRS website at IRS.gov in order to get the detail directly from the horse's mouth. The key point is that you have resources, and you're not alone.
  • Starting Early, Tax Tip #1 – Released March 4th
    It's already the first week of March, and tax day (the dreaded April 15) is closer than you think! When beginning the process of completing your tax return, it's never too early to start early. Make sure you have compiled you own personal stack of paper that you will need to fill out all of those pesky IRS forms, such as 1099s, W-2s, K-1’s, 1098s, etc. Use last year’s tax return as a guide to make sure you have all of the information that you need. If you're missing some key piece of paper, now is the time to search for it! Start early and when you wake up on April 15, you'll be glad you did.

Some of the changes to the 2012 tax filing season include:

  • A two-percent increase in the payroll tax rate, which also impacts the self-employment tax rate, because of the expiration of a temporary reduction in Social Security payroll taxes
  • The standard mileage rate for business use of an automobile has changed from 2011 rates to 55.5 cents per mile for 2012 (and 56.5 cents for 2013)
  • Limits for retirement plan contributions such as IRAs and 401(k) plan have increased
  • Sales tax deduction extended for 2012
  • Tuition expense deduction extended for 2012
  • AMT exemption amount extended for 2012 and made permanent

In a recent Huffington Post piece, Arslan outlined some of the changes to this year’s tax code while highlighting NASE’s resources and assistance available to the public, the self-employed and micro-businesses nationwide.

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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 website at NASE.org


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