TAX

Question: I extended my tax return that is now due on October 15th. I just discovered that I left off some expenses from the previous year that I should have included. Can I include those amounts on this tax return or on next year’s tax return, or have I lost the benefit of those expenses?

Question: So...Exactly WHAT am I supposed to be doing with regard to the new tax law? Answer: First of all Happy New Year and welcome to 2018. It is gonna be a good year!!! Regardless of all other factors from this point forward, we will indeed have a new tax code for 2018. I am totally sure you have heard more than you would normally choose to hear about taxes and will undoubtedly continue to hear more. Just in case, here is a summary of the biggest changes…

NASE Member Council members Charlie Arnold and Ben Seidel were highlighted in a CNBC article discussing the impact of the fiscal cliff on the self-employed.

The National Association for the Self-Employed (NASE) is enthusiastic in its support of H.R. 6102, America’s Small Business Tax Relief Act of 2012, introduced by Representative Jim Gerlach (R-Pa.) and cosponsored by Rep. Ron Kind (D-Wis.), which provides for a permanent deduction for several key small-business tax deductions, including the health insurance deduction for the self-employed, NASE’s signature legislative priority.

The NASE has joined other small-business organizations to support S. 2050, The Small Business Tax Extenders Act of 2012.

For the past decade, advocates for the home-based workforce have sought to give taxpayers the option to check a box for a standard $1,500 home office write-off. That would save them the tricky business of calculating what percentage of the home is dedicated to business—and therefore what share of rent, insurance, utilities, and maintenance costs can be deducted.

“We’re much more interested in tax laws that impact the 22 million self-employed Americans who aren’t household names but who create a whole lot more jobs than Mr. Buffett,” said Kristie Arslan, president of the National Association for the Self-Employed.

Tax fairness is a top priority for the National Association for the Self-Employed, but we're much more interested in tax laws that impact the 22 million self-employed Americans who aren't household names but who create a whole lot more jobs than Mr. Buffett.

Small-business owners who have put off doing their 2011 tax return so far this year have less than a week until Tax Day. The National Association for the Self-Employed (NASE) has one piece of advice – don’t panic.

[NASE Member] Tiffany Washington, owner of Washington Accounting Services in Waldorf, Md., says the standoff about extending the payroll tax cut caused her to put off hiring another employee.

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.

"Today’s joint proposal by the White House and the Department of Treasury announcing recommendations for business tax reform must be called what it truly is, corporate tax reform exclusive to major corporations and large employers." Read the rest of the NASE's statement here.

The House has introduced another piece of legislation for future self-employed individuals. The Help Entrepreneurs Create American Jobs Act of 2012 makes permanent the deduction for startups at $10,000. If left to expire, the deduction reduces to $5,000.

The self-employed contribute a mighty portion to the U.S. economy – nearly $1 trillion. There is no question that they are helping create jobs by growing and hiring new workers. The question is, by hiring additional workers, are micro-businesses (those with 10 or fewer employees) actually creating more paperwork for themselves?

The NASE’s recent call to Congress to heed the Self-Employed Agenda focusing on taxes was heard this week in the Senate. Senators Olympia Snowe (R-Maine) and Mary Landrieu (D-La.) introduced the Small Business Tax Extenders Act of 2012, which would continue some popular tax breaks for the self-employed and micro-businesses (10 or fewer employees) for an additional two years.

“Tax incentives for startups and for businesses that have recently purchased new equipment are certainly a start, but we are concerned that so few of the policies suggested actually apply to the largest segment of small businesses – the self-employed and micro-businesses. That key demographic makes up more than 78% of the nation’s small business population,” commented NASE President Kristie L. Arslan.

NASE National Tax Advisor Keith Hall talks about tips for getting a jump on your 2011 tax return, such as taking the mileage deduction.

As President Obama readies his State of the Union address, news outlets are reporting that economic growth and taxation will be the focus of much of his remarks. The Self-Employed Agenda for 2012 includes the following items...

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.

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.

We can all agree that the tax code could be more fair for Americans who want to start their own small business. It’s one of the pillars of the national self-employment initiative that the NASE has been urging policymakers to adopt.

“One minute you have these benefits, the next you don't,” said Kristie Arslan, CEO of the National Association for the Self-Employed. “Creating long-term tax and economic policy instead of doing these short-term fixes is incredibly important.”

Small-business owners who have put off doing their 2010 tax return so far this year have less than two weeks until Tax Day. The National Association for the Self-Employed (NASE) has one piece of advice – don’t panic.

The IRS expects one in six of total 2010 tax returns will be filed by self-employed Schedule C filers. A small percentage of those self-employed businesses will be subject to an audit each year.

Kristie Arslan, Executive Director of the NASE, released the following statement on the one-year anniversary of the Affordable Care Act...

The 2010 deduction will put about 15 percent of the premium back in the pocket of the self-employed, said Kristie Arslan, executive director of the National Association for Self-Employed.

**MEDIA ADVISORY** Please join Kristie Arslan, Executive Director of the National Association for the Self-Employed (NASE), for a conference call briefing on the temporary self-employed health insurance tax deduction available to individuals who pay self-employment taxes on their 2010 tax returns.

It is a sad, but true fact: health insurance is a luxury item for many small business owners, purchased when times are good and forsaken when times are lean.

A longtime priority of the National Association for the Self-Employed (NASE) has been introduced in the House. U.S. Reps. Wally Herger (R-Calif.) and Ron Kind (D-Wis.) have re-introduced legislation to address an unfair tax on health insurance premiums for the self-employed.

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.

According to Keith Hall, national tax adviser for the National Association for the Self-Employed, a nonprofit business group in Washington, D.C., you should hire someone experienced in preparing tax returns for start-ups. Further, the more recent the experience he or she has doing this, the better.

This tax season, entrepreneurs operating on a tight budget may be tempted to forgo professional help in preparing their companies' returns. But experts say the investment is typically worthwhile -- at least for those just starting out -- to maximize deductions and avoid penalties.

President Obama's newly proposed tax package is being praised, though with cautious optimism, by several of the nation's most prominent small-business advocacy groups.

Congress has important work to finish before the 111th Congress comes to a close. Much of its agenda includes priorities that are critical to the nation's smallest businesses.

As the U.S. Senate advances the Small Business Jobs Act, Kristie Arslan, Executive Director of the Legislative Offices of the National Association for the Self-Employed (NASE), released the following statement...

NASE’s Kristie Arslan points out that the Small Business Jobs Act is a great first step toward completing a long list of priorities for the self-employed. In particular, Kristie says, the tax provision that allows the self-employed to take a one-year deduction of their health costs is key.

According to a new law set to go into effect in 2012, business owners will be required to submit a Form 1099 for every payment made via check or credit card to vendors for services, inventory or property over $600 annually.

As the April 15 income tax filing deadline approaches, the top tax expert at the National Association for the Self-Employed offers his best advice for business people who work for themselves.

Prepare taxes that will sail through the audit process is as easy as following the Three Cs of Tax Preparation. Find out more...

Preparing taxes that will sail through the audit process is as easy as following the Three Cs of Tax Preparation.

New legislation could help self-employed business owners who work from a home office save an additional $1,500 on their taxes next year.

The NASE recently spoke out on current health care reform legislation, which is notably missing two items that would have a substantial effect on the affordability of coverage for the self-employed - allowing the self-employed to deduct their health care costs as a business expense and expanding eligibility of Health Reimbursement Arrangements (HRAs).

Tax returns are due in about one week's time, and across America, people are probably getting nervous as they deal with the countdown. The National Association for the Self-Employed wants small business owners to listen to a few tips and take a deep breath, though.

The home office and vehicle deductions are two of the most overlooked write-offs, according to the National Association for the Self-Employed.

April is right around the corner, which means it's tax time for individuals and unincorporated small businesses. If you're one of the many entrepreneurs who has put off thinking about taxes until the last minute, you're certainly not alone. Smart Answers columnist Karen E. Klein recently asked several tax experts to discuss common issues and offer advice for tax-return procrastinators.