Self Made: NASE's Blog

Wednesday, January 11, 2012
Q: I read something several months ago about taking a loan from your 401K retirement plan. If you were at least 55 years old, you were not required to pay this back and there was no penalty for this. Is that true? A: From a technical standpoint you still must repay the loan. If you don't repay the loan, regardless of how old you are, then the loan becomes a distribution. The tax treatment and potential penalties for such a distribution will then be dependent upon your age. The key point is whether a 10% penalty will apply to the distribution. If ...
Monday, January 09, 2012
Posted by Kristin Oberlander - Businesses spent $231 billion and more than 133 million paperwork hours to comply with federal regulations in 2011, according to a study release by the American Action Forum. The study also found that it would take 66,730 employees just to file federal paperwork (assuming a 2,000 hour work year). The NASE has been an advocate for simplification of the tax code for many years. To find out more about our stance, please check out these links: NASE President & CEO Kristie L. Arslan comments upon how lawmakers look to reduce the tax gap "often at the expense ...
Friday, January 06, 2012
Prior to preparing 2011 tax forms, the self-employed and micro-businesses (fewer than 10 employees) should be aware of a number of tax law changes, but also must stay focused and connected for new changes that are inevitable during 2012. As always, stay tuned to the NASE for the most recent updates! The following tax law changes relate to 2011 returns: Self-Employed Health Insurance Deduction – Unfortunately, the payments that small-business owners make for health insurance premiums for themselves and their families won’t be as tax beneficial for 2011 tax returns as they were for 2010.  The premiums paid for health ...
Wednesday, January 04, 2012
Posted by Kristie Arslan -There's no doubt that we face uncertain times with our economy. Unemployment levels are still high. The stock market has had a rollercoaster year. While Congress finally overcame its political bickering to pass a two-month extension of the payroll tax, it can't be motivated to act on other initiatives that could aid our economy -- especially big ticket items that could help the self-employed. But one thing is certain: small and micro-businesses, the driving force of our economy, must protect themselves every day by planning in advance. It's a common assumption that large corporations make up ...
Thursday, December 29, 2011
Posted by Kristin Oberlander - What would the end of the year be without best of lists and countdowns? The staff at Self Made has decided to pull together our favorite posts from this year below. Did we leave one out? Let us know in the comments and we'll add it. Self-Employment Keeps the Unemployment Rolls Low [Commentary] Economic Recovery Starts with Small Business [Commentary] Tell Us Your Story About The Deduction On Health Insurance Costs Self-Employed: Take An SE Tax Deduction For Health Insurance Costs Productivity and Goals Tax Day: Let's Make the Tax Code Fair [Commentary] 1099 Additional Reporting ...
Thursday, December 22, 2011
Congress continues to battle it out in Washington over the payroll tax cut. Here's the latest news: Overheard On CNN.com: Congress' Lack Of Action Sparks Anger Payroll Processors Say Two-Month Payroll Tax Fix Undoable (Fox News) House Republicans Reject Payroll Tax Deal (NY Times) GOP-Led House Blocks Senate's Payroll, Jobless Aid Bill (National Journal)
Monday, December 19, 2011
Posted by Kristin Oberlander - The Department of Health and Human Services is rolling out a new health insurance option for the uninsured.  If you have had a hard time finding health insurance because of a pre-existing condition or if you’ve been turned down for insurance coverage and feel like you’re out of options, you’re not out of luck. You may now be eligible for a new government program—the Pre-Existing Condition Insurance Plan—created by the Affordable Care Act.  This transitional program is available for children and adults in all 50 states and the District of Columbia who have been locked ...
Wednesday, December 14, 2011
Posted by Molly Nelson - The days are shorter and the weeks busier, so here are a few quick articles of interest: Inc. shares the only ethics guide you'll ever need FreelanceFolder has 25 tips on avoiding communication problems Small Biz Bee says cloud services could help grow your business The NYT's "You're the Boss" blog reports on the controversy over Amazon's "Price Check" app 
Wednesday, December 14, 2011
Posted by Kristin Oberlander - House Speaker John Boehner, R-Ohio, brought forth a Republican version of the payroll tax cut extension, which would extend certain unemployment benefits and prevent cuts to Medicare physicians. The bill would also give the green light to the Keystone XL pipeline, which is contentious. Find out more: GOP Embraces Showdown Over Oil Pipeline, Tax Cuts (MSNBC) Quick Take: Lawmakers Confident Of Ending Payroll Tax Cut Impasse (National Journal)
Friday, December 09, 2011
As the U.S. Senate prepares to debate another payroll tax extension proposal, Kristie Arslan, President & CEO of the NASE, encourages our policymakers to put partisan politics aside and pass the payroll tax extension: “It is important that our nation’s smallest businesses have the tools and resources they need to serve the American consumer this Holiday season and beyond. Passing the payroll tax extension will put that extra savings in the pockets of not only consumers, but also in the pockets of the self-employed and micro-businesses who serve as employer and employee. This relief can help pay for additional supplies, ...

 

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Self Made

A blog on the self-employed and micro-business

Meet the NASE Staff Bloggers


Katie Vlietstra - As Vice President for Government Relations and Public Affairs, I work to explain how actions on Capitol Hill can impact the self-employed. I love D.C. and have made my home in Capitol Hill, where I live with my husband and black Labrador, Coltrane. We love playing volleyball and softball on the National Mall. 

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