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Changes to the Tax Code and Tips You Need to Know Before Filing Your 2014 Taxes

Thursday, February 05, 2015

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

As Congress Debates Tax Reform, Will the Small Business Community Be Included in Any Overhaul of the Tax Code?


WASHINGTON, D.C. – As the American public and millions of small businesses prepare to file their 2014 tax returns, 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 changes to the tax code along with important tips and resources for filing accurate returns.

“The best thing individuals and small businesses can do now to prepare for tax season is educate themselves about the changes and new adjustments to the tax code,” said Keith Hall, President and CEO of NASE. “From a new health care penalty to updates in the mileage reimbursement rate and investment contributions, there are several changes to the tax code that will impact this year’s return. You can never be too prepared and now is the time to start gathering your documents.”

2014 TAX CHANGES AND ADJUSTMENTS:

  • The new Affordable Care Act (ACA) penalty for non-compliance
  • Potential individual exceptions to the ACA penalty
  • A streamlined, standard home office deduction available
  • The standard mileage rate for business use of an automobile has changed to 56 cents per mile (57.5 cents for 2015)
  • Limits for retirement plan contributions such as IRAs and 401(k) plans have increased
  • The loss of the applicability of Health Reimbursement Accounts (HRAs)

“With Congress discussing tackling tax reform this year, it is important that the small business community be included in an overhaul of the tax system. To ensure fairness, sole proprietors and small employers on Main Street should also be part of any comprehensive tax reform just like their corporate counterparts on Wall Street,” concluded Hall.

TIPS FOR FILING:

  • You are not alone: use many of the countless NASE resources available to help you through your preparation, in addition the SBA and local Small Business Development centers are standing by to help
  • Get details straight from the source: bookmark the IRS website in order to get the details you need
  • Look for hidden deductions:  many people overlook deductions that could save thousands of dollars
  • File Electronically to avoid math errors
  • Avoid shortcuts
  • If you just can’t get it done, you can ask for more time

The National Association for the Self-Employed is charged with advocating for fairness and simplification in the nation’s tax code. Not only should adjustments be made to the corporate tax rate, but also the individual rate – the rate at which the majority of the self-employed and small employers’ taxes are calculated. True business tax reform should ensure tax equity for all Americans.

The NASE is also a leading supporter of the Small Business Healthcare Relief Act of 2014, which would allow for the continued utilization of standalone health reimbursement arrangements (HRAs) for small employers (49 or less employees).  These HRA arrangements have currently been disqualified under the new regulations outlined in the Affordable Care Act - a major change for the small business community this year.

For more information on completing your 2014 tax documents, visit NASE’s tax resource center or the IRS or the Small Business Administration (SBA).

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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 Small Business Locator helps identify and connect our nation’s smallest businesses. In addition, NASE’s new health care portal helps small business owners navigate the nation’s health care marketplace. 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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