Deductions For Health Insurance And Start-Up Expenses Are On The Chopping Block
Washington, D.C., April 26, 2012 – The nation’s self-employed and micro-businesses have complained about uncertainty in the tax code, which does not allow them to plan for the future. In a recent USA TODAY article, NASE Member Tiffany Washington said that she had to put off hiring a new employee for her tax preparation business because Congress could not make up their minds about extending the payroll tax cut. As a result, Washington was short-staffed during a very busy tax season.
Today, the House Ways and Means Committee is holding a hearing on the exploration of expiring tax cut for small business owners. The NASE took this opportunity to submit a statement for the record regarding the importance of the continuity of these tax benefits.
“While we understand the hearing is limited to tax provisions that expired in 2011 and will expire in 2012, we would be remiss if we did not bring to the attention of the Committee key tax provisions that expired in 2010. Specifically, the ability for the self-employed to deduct their health insurance as a business expense and the start-up deduction for brand new businesses are both particularly important. We believe that if the Committee reviewed and in some cases, retroactively applied these tax credits to the 2011 and current tax years, the self-employed community would reap the rewards in a financially meaningful way,” said NASE President and CEO Kristie Arlsan, in written testimony.
Read the rest of Arslan’s statement to the committee here.
About the NASE 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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Courtesy of NASE.org https://www.nase.org/about-us/media-relations/nase-in-the-news/2012/04/26/NASE_To_Congress_Extend_Expiring_And_Expired_Small_Biz_Tax_Cuts