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Standing Up For Micro-Businesses Year-Round
Read this article in PDF form here.
By Kristie Arslan
In the past year, creating jobs and growing the economy have been the subjects of many debates here in Washington, D.C. When it comes to this topic, the NASE knows that our nation’s entrepreneurs are helping to lead the way. May is a particularly special month for small business. The Small Business Administration’s National Small Business Week takes place this year from May 16th-20th. The NASE is serving as an NSBW co-sponsor for the 10th year in a row.
Small businesses should receive recognition for the differences they make every day in their own lives and for their families and surrounding communities. The NASE has spent the last several years emphasizing to lawmakers in Washington, D.C. that self-employment is the creation of a job that is just as important as the creation of any factory or office job. The simple fact is that small businesses contribute about $1 trillion to the U.S. economy and more than three-quarters of the nation’s small business population are self-employed businesses.
How can we guarantee that micro-businesses get more recognition every day? By ensuring that our public policy focuses on all small businesses, not just big business or specific industries. The NASE continues to work with federal agencies and your lawmakers in Congress to put a stop to complex tax regulations that create an unfair playing field.
Did you know that sole proprietors are the only business entity that cannot deduct their health insurance premiums as a business expense? Even large corporations are permitted to deduct these costs. Or that many home-based business owners elect not to take the home office deduction, simply because the required one-page form has the phrase “See Instructions” listed in 17 different places? Allowing sole proprietors to deduct health insurance premiums as a business expense and creating an optional standard home office deduction are small changes to the tax code that would have a positive effect on business owners’ bottom lines.
Just because tax season is over does not mean that these issues go away, as many micro-businesses work to gather data for their tax forms year-round. In addition, the more thorough this research is the greater likelihood that the business owner will receive a larger tax refund. The NASE knows that many business owners often use all or part of their tax refund for their business, from buying new equipment, paying for a continuing education class or hiring a part-time employee. Thus, the larger the tax refund, the more that can be done to improve or grow the company.
The NASE is devoted to simplifying the tax code so that micro-businesses can spend more time concentrating on their companies. We work to make sure that the nation’s smallest businesses are appreciated for what they do best—create jobs and opportunities for the families and communities around them. This month, remember that the nation salutes your contributions, but also remember that the NASE is working behind the scenes to make your life easier.
Kristie L. Arslan is the Executive Director of the NASE and manages the NASE legislative affairs program in the association's Washington, D.C. office. You can contact Arslan at advocacy@NASE.org.
Read this article in PDF form here.