Washington Watch - March 2, 2011

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The NASE was founded in 1981 to provide day-to-day support, including direct access to experts, benefits, and consolidated buying power that traditionally had been available only to large corporations. Today the NASE represents hundreds of thousands of entrepreneurs and micro-businesses, and is the largest nonprofit, nonpartisan association of its kind in the United States.

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About NASE

The NASE was founded in 1981 to provide day-to-day support, including direct access to experts, benefits, and consolidated buying power that traditionally had been available only to large corporations. Today the NASE represents hundreds of thousands of entrepreneurs and micro-businesses, and is the largest nonprofit, nonpartisan association of its kind in the United States.

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Washington Watch - March 2, 2011

Wednesday, March 02, 2011

Editor's Note: Continuing CR

Editorial Update: Both the House and Senate passed a temporary measure.

Congress considers to debate next moves in regards FY2011 budget. Currently, it looks like a temporary two week deal will happen, which would cut the overall budget by $4 billion over two weeks, but a short term deal just means that both sides will likely have to make significant compromises in another two weeks. In sum, Republicans and Democrats are still working to come to an agreement on the final measure, they are just delaying the first deadline (March 4th) until more progress can hopefully be made.

For more information on how the budget process takes place, visit our recent NASE Staff Blog post.


Study: Small Biz Lending 2009-2010

SBA's Office of Advocacy annually prepares a study of Small Business Lending in the United States that examines the supply of credit provided to small businesses by banks and other depository lenders.

The overall pace of borrowing and lending for the small business loan market in 2009-2010 was much weaker than in the previous year, with the largest “megalenders” representing a significant portion of the decline.

Highlights:

  • Borrowing from institutional lenders continued to decline for both small business loans—commercial real estate (CRE) and commercial and industrial (C&I) loans under $1 million—and large business loans exceeding $1 million. The value of small business loans outstanding declined by 6.2 percent.
  • The total value of the smallest business loans (less than $100,000) began to stabilize in 2009-2010 compared with the 2008-2009 period. Micro-business lending dropped by 5.5 percent in 2009; in 2010 the drop was 1 percent, with commercial real estate loans accounting for the entire decline.
  • The 34 largest banks with $50 billion or more in assets accounted for 38.7 percent of all small business loans outstanding and they represented 42 percent of the total decline in small business loans.

Tax Time: Deducting The Business Use Of Your Automobile

Business expenses come with the territory when you are an entrepreneur. Some expenses, however, can be easy to miss come tax time because they do not show up in your business checkbook. Use of your car for driving to client meetings, the office supply store, the post office and more are deductible expenses because you are using your vehicle for business purposes. 

Here are a few tips from the National Association for the Self-Employed (NASE) to remember in regard to deducting expenses for business use of your automobile:

  • The Standard Mileage Rate is 50 cents per mile driven for business in 2010.
  • If you would rather calculate by hand, use the Actual Expense Method. Manually calculate costs of maintaining and driving the car as a percentage of total miles driven for business.
  • Calculate both to see which gets you the better deduction.

"The main thing the IRS will want to see in supporting this deduction is your mileage log." says NASE National Tax Advisor Keith Hall.  "You must keep track of the miles you drive for business, whether it’s on your computer or handwritten in a notebook."

The NASE iPhone application TripAlly tracks, calculates and records miles driven to create the ultimate tax-deduction mileage log. Whether you need to track miles for your small business, charitable contributions, for employee reimbursement, or simply because you want to know, TripAlly can help. Download TripAlly at the iTunes App Store.

Click here for more details on TripAlly.


Washington Watch Online

Visit NASE Advocacy to view archived editions of Washington Watch. While you’re there, read the latest updates from the Washington, D.C. office, write your Congressperson, and find out how you can join the fight for micro-business.


Courtesy of NASE.org
https://www.nase.org/about-us/2011/03/02/Washington_Watch_-_March_2_2011