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  • NASE Asks Lawmakers For Key Small Business Jobs Act Provisions To Be Extended
    self employed Tax Equity for the Self Employed For years the NASE has been working to allow the self employed access to the same tax benefits enjoyed by all other businesses A key disparity in the tax code is the treatment of health insurance costs The self employed have not received the same tax deduction for health costs that all other businesses entities have at their disposal The self employed must pay the employer and employee contribution to payroll taxes totaling up to 15 3 percent on business income For the self employed payroll taxes are called selfemployment taxes Since they do not receive a business deduction for their health insurance costs they must pay more in payroll taxes than other businesses who receive this full benefit With the passage of the Small Business Jobs Act of 2010 the self employed were allowed to take a one year tax deduction on health insurance costs for the purposes of calculating selfemployment taxes Qualifying business owners could deduct their 2010 health insurance costs from their self employment tax on their 2010 tax return What did this deduction mean to someone who is self employed Health insurance and taxes are the two highest costs for small business Annual premiums in the individual market averaged 2 985 for single coverage and 6 328 for family plans nationwide in mid 2009 according to a report released by America s Health Insurance Plans AHIP Based on these costs the one year tax deduction in the Small Business Jobs Act of 2010 saved self employed business owners approximately 456 71 to 968 14 in taxes Depending on the cost of their health coverage some businesses likely saved even more In this difficult economic time this deduction helped business owners lower their tax liability or provided them with a more substantial refund that could be used to reinvest in their business Best of all this deduction though temporary put the self employed America s smallest businesses on the same tax playing field as other businesses for the first time NASE Member Michael Kagan of Dover Foxcroft Maine is owner of M Kagan Associates He is a self employed biotech consultant with over twenty five years of experience as an engineering and manufacturing executive in both developing and bringing products to market Mr Kagan saved 1 400 in taxes due to the one year tax deduction for health insurance costs in the Small Business Jobs Act which he reinvested in office automation for his growing business Timothy Doyle a NASE Member from Donaldsonville Louisiana is an electrical contractor and the owner of High Standards Electric LLC He took his 730 in tax savings and put it towards his next two months of health insurance premium costs Bullseye Appraisal s owner Adrian Stumbagh of Spokane Washington saved 940 in taxes The deduction helped lower his tax liability on his return saving him money These are just a few examples of the millions of self employed business owners who benefited from

    Original URL path: http://selfemployed.nase.org/nase-in-action/advocacy/2011/05/19/NASE_Asks_Lawmakers_For_Key_Small_Business_Jobs_Act_Provisions_To_Be_Extended (2016-02-14)
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  • Letter to Senate on Small Business Regulatory Freedom Act of 2011 (S. Amdt. 299)
    Letter to Senate on Small Business Regulatory Freedom Act of 2011 S Amdt 299 Tuesday May 03 2011 The National Association for the Self Employed NASE signs letter in support of Senate Amendment 299 the Small Business Regulatory Freedom Act of 2011 This amendment to S 493 the SBIR STTR Reauthorization Act puts into place strong protections for small business to help ensure that the federal government fully considers the impact of proposed regulation on small businesses Read full letter Letter of Support Small Business Regulatory Freedom Act of 2011 May 2 2011 The Honorable Olympia Snowe United States Senate Washington D C 20510 The Honorable Tom Coburn United States Senate Washington D C 20510 Dear Senators Snowe and Coburn As representatives of small businesses we are pleased to support Senate Amendment 299 the Small Business Regulatory Freedom Act of 2011 This amendment to S 493 the SBIR STTR Reauthorization Act puts into place strong protections for small business to help ensure that the federal government fully considers the impact of proposed regulation on small businesses In an economy with high unemployment and where almost 2 3 of all net new jobs come from the small business sector we appreciate that your legislation would require regulators to further analyze the impact of certain proposals on job creation The annual cost of federal regulation per employee is significantly higher for smaller firms than larger firms Federal regulations not to mention state and local regulations add up and increase the cost of labor If the cost of labor continues to increase then job creation will be stifled because small businesses will not be able to afford to hire new employees The Small Business Regulatory Freedom Act expands the scope of the Regulatory Flexibility Act RFA by forcing government regulators to include the indirect impact of their regulations in their assessments of a regulation s impact on small businesses The bill also provides small business with expanded judicial review protections which would help to ensure that small businesses have their views heard during the proposed rule stage of federal rulemaking The legislation strengthens several other aspects of the RFA such as clarifying the standard for periodic review of rules by federal agencies requiring federal agencies to conduct small business economic analyses before publishing informal guidance documents and requiring federal agencies to review existing penalty structures for their impact on small businesses within a set timeframe after enactment of new legislation These important protections are needed to prevent duplicative and outdated regulatory burdens as well as to address penalty structures that may be too high for the small business sector The legislation also expands over time the small business advocacy review panel process Currently the panels only apply to the Environmental Protection Agency the Occupational Safety and Health Administration and the Consumer Financial Protection Bureau These panels have proven to be an extremely effective mechanism in helping agencies to understand how their rules will affect small businesses and help agencies identify less costly alternatives

    Original URL path: http://selfemployed.nase.org/nase-in-action/advocacy/2011/05/03/Letter_to_Senate_on_Small_Business_Regulatory_Freedom_Act_of_2011_S_Amdt_299 (2016-02-14)
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  • Letter to Senate in Support of Repeal of Expanded Form 1099 Regulation
    IRS and the reportable business According to an SBA study the cost of complying with the tax code is 66 percent higher for small business as compared to a large business Small businesses lack the compliance capabilities to track and report each new transaction and in order to comply with this new requirement they will have to pull capital out of the business that could be better used to reinvest in the business and create jobs Passage of H R 4 without amendments is the best way to remove the costly impact the 1099 requirement would have on millions of businesses Sincerely Aeronautical Repair Station Association Agricultural Retailers Association Air Conditioning Contractors of America Alabama Nursery Landscape Association Alliance for Affordable Services Alliance of Independent Store Owners and Professionals American Association for Laboratory Accreditation American Bakers Association American Council of Engineering Companies American Council of Independent Laboratories American Farm Bureau Federation American Foundry Society American Hotel Lodging Association American Institute of Architects American Nursery Landscape Association American Petroleum Institute American Rental Association American Road Transportation Builders Association American Society of Interior Designers American Subcontractors Association Inc American Supply Association American Veterinary Distributors Association American Veterinary Medical Association AMT The Association For Manufacturing Technology Arizona Nursery Association Associated Builders and Contractors Associated Equipment Distributors Associated General Contractors of America Associated Landscape Contractors of Colorado Association of Free Community Papers Association of Ship Brokers Agents Association of Small Business Development Centers Automotive Aftermarket Industry Association Automotive Recyclers Association Bowling Proprietors Association of America California Association of Nurseries and Garden Centers California Landscape Contractors Association Commercial Photographers International Community Papers of Florida Community Papers of Michigan Community Papers of Ohio and West Virginia Connecticut Nursery Landscape Association Direct Selling Association Door and Hardware Institute Electronic Security Association Electronics Representatives Association ERA Florida Nursery Growers Landscape Association Free Community Papers of New York Georgia Green Industry Association Healthcare Distribution Management Association Hearth Patio Barbecue Association Idaho Nursery Landscape Association Illinois Green Industry Association Illinois Landscape Contractors Association ILCA Independent Community Bankers of America Independent Electrical Contractors Inc Independent Office Products Furniture Dealers Association Indiana Nursery and Landscape Association Industrial Supply Association Industry Council for Tangible Assets International Association of Refrigerated Warehouses International Foodservice Distributors Association International Franchise Association International Housewares Association International Sleep Products Association Kentucky Nursery and Landscape Association Louisiana Nursery and Landscape Association Maine Landscape and Nursery Association Manufacturers Agents Association for the Foodservice Industry Manufacturers Agents National Association Manufacturing Jewelers and Suppliers of America Maryland Nursery and Landscape Association Massachusetts Nursery Landscape Association Inc Michigan Nursery and Landscape Association Mid Atlantic Community Papers Association Midwest Free Community Papers Minnesota Nursery Landscape Association Motor Equipment Manufacturers Association NAMM National Association of Music Merchants National Apartment Association National Association for Printing Leadership National Association for the Self Employed National Association of Home Builders National Association of Manufacturers National Association of Mortgage Brokers National Association of Mutual Insurance Companies National Association of RV Parks Campgrounds National Association of Theatre Owners National Association of Wholesaler

    Original URL path: http://selfemployed.nase.org/nase-in-action/advocacy/2011/04/04/Letter_to_Senate_in_Support_of_Repeal_of_Expanded_Form_1099_Regulation (2016-02-14)
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  • What You Need To Know About The One-Year Tax Deduction On Health Costs for the Self-Employed
    million self employed Americans that represent 78 percent of all small businesses in the U S Read a summary of the Small Business Jobs and Credit Act here The self employed have not received the same tax benefit related to health insurance expenses that all other businesses entities have enjoyed Various business entities are able to fully deduct the cost of health coverage as a business expense saving them a significant amount in payroll taxes With the passage of the Small Business Jobs and Credit Act the self employed will be allowed to take a one year tax deduction for health costs in determining payroll tax self employment tax Here is some guidance to determine whether you can benefit from this new deduction 1 Who can qualify for this one year self employment tax deduction on health costs Self employed business owners that meet all of the following requirements can take advantage of this new tax deduction Files an IRS Form 1040 Schedule C tax form or Schedule E with earned income this includes sole proprietors single member LLCs and sole owner S Corporations Pays self employment taxes via IRS Form 1040 Schedule SE Pays for individual or family health coverage in 2010 2 When can I take this deduction This deduction is available for health costs paid by self employed business owners in 2010 Self employed business owners should look to take advantage of this deduction when preparing their taxes next year in time for the April 15 2011 tax filing deadline 3 How much will I save with this one year tax deduction on health costs The self employed must pay the employer and employee contribution to payroll taxes totaling up to 15 3 percent on business income For the self employed payroll taxes are called self employment taxes To calculate your savings from this new tax deduction simply add up your total 2010 health insurance costs and multiply that by 15 3 percent The resulting amount will represent how much you will save on your self employment taxes when filing your 2010 taxes next year According to a report on individual health insurance released by America s Health Insurance Plans AHIP annual premiums averaged 2 985 for single coverage and 6 328 for family plans nationwide in mid 2009 A majority of the self employed with health coverage currently purchase it via the individual insurance market Based on these average premium costs the new one year tax deduction on health costs for payroll tax purposes would save self employed business owners approximately 456 71 to 968 14 in taxes NOTE If you qualify for this deduction and your annual income is above the maximum wage limit subject to payroll FICA taxes currently 106 800 then you will receive a lower tax benefit Please contact your tax professional to assist you with calculating your exact tax savings 4 What if I purchased health coverage mid year or am planning to purchase health coverage this year will I still

    Original URL path: http://selfemployed.nase.org/nase-in-action/advocacy/2010/09/28/What_You_Need_To_Know_About_The_One-Year_Tax_Deduction_On_Health_Costs_for_the_Self-Employed (2016-02-14)
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  • Summary of Small Business Jobs and Credit Act of 2010
    The News Washington Watch NASE Research Current NASE Survey NASE Member Survey NASE Issue Reports Self Employed Statistics Get Involved Tell your story Become a Media Contact Legislative Action Center Business Help Ask the Experts Taxes Business Strategy Business Law Marketing 101 Finance Accounting Health Care Reform Marketing Advertising Real Estate Information Technology NASE Minute Get Help Tax Healthcare Reform Health Marketing 101 Business Management Marketing Advertising Real Estate Calculators Business Breakeven Analysis Calculator Cash Flow Calculator Equipment Buy vs Lease Investment Annual Rate of Return Calculator Mortgage Mortgage Loan Calculator Retirement Savings and Planning 401 k Calculator How long will my retirement savings last Tax 1040 Tax Calculator Payroll Deductions Calculator Self Employment Tax Calculator Helpful Links ASBDC Member Directory Search My NASE About Me Account Benefits Optional Benefits Payment Details Expert Questions Email Subscriptions Membership Directory NASE Advocacy Efforts Know Your Self Employed Rights Through NASE the self employed and micro businesses have a powerful voice representing their interests NASE has a strong track record of advocating for its Members on Capitol Hill View all NASE news Summary of Small Business Jobs and Credit Act of 2010 Wednesday September 22 2010 With the recent Senate passage of the Small Business Jobs and Credit Act of 2010 lawmakers moved one step closer with providing some bottom line cost saving tax benefits to America s smallest businesses To take a look at the provisions included in the legislation please take a look at the following bill summary Summary of Provisions Small Business Jobs Credit Act of 2010 If you are unable to access the information via the above link please contact the NASE at advocacy nase org to obtain a copy of the bill summary Keith Hall NASE National Tax Advisor Testifies before the U S House of Representatives Committee

    Original URL path: http://selfemployed.nase.org/nase-in-action/advocacy/2010/09/22/Summary_of_Small_Business_Jobs_and_Credit_Act_of_2010 (2016-02-14)
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  • NASE Letter of Support for the Small Business Jobs Act (H.R. 5297)
    Entrepreneurship United States Senate 428A Russell Senate Office Building Washington D C 20510 Dear Chairman Baucus and Chair Landrieu During this difficult economic time the National Association for the Self Employed NASE believes that it is vital for policymakers to focus efforts on assisting our nation s smallest businesses America s self employed represent 78 percent of all small businesses in the United States and contribute close to 1 trillion to our economy More importantly these businesses are the economic backbone of millions of families and communities across the country The NASE on behalf of our 200 000 member businesses is pleased to announce our support for the Small Business Jobs Act of 2010 H R 5297 We believe the combination of tax incentives and financing options will help new businesses build a solid foundation and help existing businesses keep their doors open Of great importance to the 23 million self employed Americans is the one year business deduction for health care costs included in the Small Business Jobs Act Sole proprietors are unable to deduct their health insurance costs as a business expense leaving them to pay more in payroll self employment taxes than any other business While the NASE strongly supports a permanent correction of this inequity in the tax code the one year deduction in H R 5297 is an important first step in leveling the playing field for the self employed As new businesses continue to struggle to obtain credit and financing the increase in the start up business expense deduction from 5 000 to 10 000 will be of great assistance to many budding entrepreneurs This enhanced deduction will encourage many individuals who have been considering entrepreneurship to take the next steps to open their small business and in turn help create jobs in this

    Original URL path: http://selfemployed.nase.org/nase-in-action/advocacy/2010/07/13/NASE_Letter_of_Support_for_the_Small_Business_Jobs_Act_H_R_5297 (2016-02-14)
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  • NASE Letter of Support for Standard Home Office Deduction Amendment to Small Business Jobs Act
    Tax Calculator Helpful Links ASBDC Member Directory Search My NASE About Me Account Benefits Optional Benefits Payment Details Expert Questions Email Subscriptions Membership Directory NASE Advocacy Efforts Know Your Self Employed Rights Through NASE the self employed and micro businesses have a powerful voice representing their interests NASE has a strong track record of advocating for its Members on Capitol Hill View all NASE news NASE Letter of Support for Standard Home Office Deduction Amendment to Small Business Jobs Act Tuesday July 13 2010 July 12 2010 The Honorable Barbara Boxer United States Senate 112 Hart Senate Office Building Washington D C 20510 Dear Senator Boxer On behalf of the National Association for the Self Employed NASE and our 200 000 member businesses I am pleased to announce our support for your amendment Senate Amendment 4330 to the Small Business Jobs Act of 2010 H R 5297 In this uncertain economic time it is more important than ever to assist our nation s smallest businesses by simplifying the tax code and ensuring that entrepreneurs are able to access the full slate of tax deductions available to them With over half of all small businesses being run out of the home the home office deduction is an important tax benefit for business owners Unfortunately the complexity and paperwork burden associated with the home office deduction drives many qualifying business owners to forgo this tax assistance S Amdt 4430 would create the option of a standard home office deduction allowing eligible business owners to avoid the complex calculations and simply opt for the standard deduction amount saving them both time and money We believe that home based entrepreneurs have been the foundation of innovation in our nation and have spawned many of our country s greatest enterprises Providing home based business owners

    Original URL path: http://selfemployed.nase.org/nase-in-action/advocacy/2010/07/13/NASE_Letter_of_Support_for_Standard_Home_Office_Deduction_Amendment_to_Small_Business_Jobs_Act (2016-02-14)
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  • NASE Letter to Members of the Senate Committee on Health, Education, Labor and Pensions
    15 2010 The Honorable Tom Harkin Chairman The Honorable Michael B Enzi Ranking Member Committee on Health Education Labor Pensions United States Senate 428 Dirksen Senate Office Building Washington D C 20510 Dear Chairman Harkin and Ranking Member Enzi Micro businesses those with fewer than ten employees have long been pillars of innovation and job creation in our nation fueling much of what is great about America During this uncertain economic time the role of these vital businesses has become even more important Furthermore with big business downsizing and many industries in flux a large number of citizens find themselves in a position in which the only viable avenue of employment is self employment Our tax code is often the biggest hurdle faced by entrepreneurs due to its complexity and paperwork burden Micro businesses and the self employed are particularly disadvantaged since many of these entrepreneurs handle their accounting and tax preparation on their own Worker classification regulations are a prime example of an area of the code causing consternation amongst business owners Of the 23 million self employed Americans a large number are independent contractors and a significant number of micro businesses utilize contractors for services within their business Upon review of the Employer Misclassification Prevention Act S 3254 the National Association for the Self Employed NASE is concerned that this legislation s approach to worker classification will negatively impact our nation s smallest businesses The core issues plaguing worker classification stem from the fact that classification of an individual into an employee or an independent contractor is subjective under the tax code The IRS has a complicated 20 point checklist that can be used as a guideline in determining whether or not an individual is an employee or an independent contractor Yet using this checklist does not guarantee that a person is correctly classified Other IRS materials published to assist in classification are equally convoluted NASE members have indicated that when utilizing the IRS s tax assistance help line on this issue they have received different answers from different agents on this same issue A large part of the problem is that there is no one single homogenous definition of the term employee Thus there is no clear and concise manner for a self employed individual or micro business owner to easily determine when an individual should be classified as an independent contractor or an employee The Employer Misclassification Prevention Act does not address this central problem of classification rules Rather the legislation focuses on increased enforcement and audits instead of simplifying regulations which would lead to better compliance Furthermore the bill will increase accounting costs and the paper load on small businesses We urge you to oppose the Employer Misclassification Prevention Act S 3254 due to the harmful impact it will have on the small business community This legislation will ultimately create a disincentive for businesses and consumers to utilize the services of independent contractors hobbling many entrepreneurs in this challenging economic climate The NASE strongly believes

    Original URL path: http://selfemployed.nase.org/nase-in-action/advocacy/2010/06/21/NASE_Letter_to_Members_of_the_Senate_Committee_on_Health_Education_Labor_and_Pensions (2016-02-14)
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