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Last Minute Tips to Filing 2018 Tax Returns
FOR IMMEDIATE RELEASE:
CONTACT: Kristofer Eisenla, LUNA+EISENLA media
kristofer@lunaeisenlamedia.com | 202-670-5747 (mobile)
Under First Filing Season of the New Tax System, 7 Things that Can Help You File Audit Proof and Beneficial Returns
DALLAS, TX – With two-weeks to go until the April 15th tax filing deadline, the National Association for the Self-Employed (NASE), the nation’s leading advocate and resource for the self-employed and micro-businesses, released a list of seven last-minute tips for filing accurate returns and reducing tax liability.
“With days until the 2018 tax returns filing deadline, millions of Americans – including the small business community – can benefit from the new tax code system that includes both a lower individual rate and increased standard deduction,” said Keith Hall, President and CEO of NASE. “There is also an update to the mileage reimbursement and a standard deduction for home offices available. As you prepare to file your returns, think about hidden deductions and updates to the tax code that might help you. Don’t leave anything on the table; find and use these key policy changes to work for you. And if you still need more time, file an extension.”
The seven things you need to know right now as you prepare to file your 2018 taxes:
1. New Tax System: 2018 is the first filing season of the new tax code; make sure you know about these new, potentially beneficial policies:
- A lower individual rate, which is where most self-employed small businesses file
- A doubling of the standard deduction, which is $12,000 for single filers and $24,000 for married couples
- Reduction or elimination of specific deductions such as for moving expenses or the unlimited state and local tax deductions known as SALT deductions, which are now capped at $10,000
Watch the NASE Minute about the new tax reform system
2. Home Office Deduction: In its sixth year, small business owners who work from their home can now claim a streamlined, standardized home-office deduction rather than completing a complicated and cumbersome 43-line IRS form. By simply checking the box on your federal tax returns, you can easily save money by choosing the standard home-office deduction of up to $1,500 for the business use of your home.
3. Mileage Rate: If you use your automobile for business, you also can deduct a standard mileage rate on your return. The reimbursement rate is 54.5 cents for 2018.
4. Retirement Contributions: Limits for retirement contributions have also changed for most Americans. SEPs, IRAs and 401k plans, all allow you to contribute to your own future and take a tax deduction on your 2018 tax return.
5. Health Reimbursement Arrangements (HRAs): Small businesses who offer HRAs can do so without the threat of penalty.
6. Submit Your Return Electronically: By filing your return electronically, you can avoid making errors.
And if you’re still not ready….
7. File an Extension: There is always a last-minute extension you can file with the IRS if you can’t make April 15th.
**To Speak with Keith Hall, please contact Kristofer Eisenla at LUNA+EISENLA media at kristofer@lunaeisenlamedia.com**
Hall penned a guest commentary for FoxBusiness.com where he writes:
“With a new tax law fully in effect for the first time this income tax filing season, most Americans – including the small business community – are understandably apprehensive about how the revised tax code will impact their returns this year. Despite this anxiety, the overwhelming majority of small businesses and self-employed entrepreneurs can expect to benefit from key changes and updates to the tax code that will help save both time and money.”
Click here to continue reading the piece.
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The National Association for the Self-Employed (NASE) is the nation's leading advocate and resource for the self-employed and micro-businesses, offering 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 Next Biz Thing helps identify and connect our nation’s smallest businesses. Need small business help? Check out NASE’sAsk the Experts for advice or the NASE Minute for small business support.
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