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  • NASE Member Survey
    new survey by the National Association for the Self Employed NASE Three quarters of the self employed and micro businesses owners say their company provides the main source of income in their household America s Growing Deficit May 17 2011 Its budget season in Washington D C which means Members of Congress and the Administration are hashing out funding for federal government agencies and programs as well as discussing how to address the growing U S deficit In this survey NASE s member businesses shared their point of view on the direction lawmakers should take to balance the federal budget and deal with the deficit Can You Keep Your Health Plan Once the Health Reform Law Kicks In Aug 18 2010 One big promise made during the reform debate was that you will be able to keep the health plan you currently have if you like it To follow up on this promise the Administration recently issues new regulations on grandfathered or existing health plans The NASE recently conducted a survey of micro business owners to determine their perspective on these rules and whether they think they will be able to keep their existing health plan post reform U S Energy Policy June 2010 Jun 23 2010 Whether you open a local or national newspaper or turn on the TV or radio we cannot escape the daily news coverage of our nation s worst oil spill which continues to rage on in the Gulf In light of this environmental disaster the NASE sought the opinion of its membership on U S energy policy and what key proposals should be the focus of policymakers Increased Tax Regulation on Small Business May 2010 May 24 2010 Many of the nation s entrepreneurs are about to become more familiar with the IRS According to a new law set to go into effect in 2012 business owners must report annually every payment for goods or services over 600 utilizing IRS Form 1099 A new survey by the National Association for the Self Employed NASE found that the average self employed and micro business those with fewer than 10 employees currently issues two Form 1099 per year Under the new law the same business will have to issue roughly 27 reports mostly to large corporations The Clock is Ticking on Health Reform What Do You Think March 2010 Mar 19 2010 Companies with fewer than 10 employees micro businesses are asking Congress to keep in mind that a big part of being able to create jobs and grow their companies depends largely on their ability to pay for health coverage Self employed business owners say that access and choice of providers benefits is less important to their businesses than lower bottom line costs With the clock ticking on a final vote in Congress on health reform the online poll conducted by the National Association for the Self Employed NASE received over 1 200 responses regarding the concerns of the self employed about health reform Are

    Original URL path: http://selfemployed.nase.org/nase-in-action/nase-research/nase-member-survey/page/2 (2016-02-14)
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  • Tax Tools
    Calculator Calculate your Quick Estimated Tax Payments based on your last year s actual tax return and your anticipated tax withholding for this year to determine the minimum quarterly payment you need to make to avoid any underpayment penalties More Detailed Estimated Tax Calculator Calculate your Detailed Estimated Tax Payments based on this year s expected income and expenses These estimated amounts should provide adequate tax payments so that your total tax liability is deposited to the IRS on a quarterly basis More Self Employment Tax Calculator As a small business owner you must pay self employment tax on the earnings from your business This calculator will help you determine your specific SE Tax More Medical Reimbursement Plan Calculator For qualified small business owners medical reimbursement plans can net a tax savings of hundreds even thousands of dollars Use this calculator to estimate your potential tax savings More Interactive Schedule C Tax Planning Tool Use thiss exclusive tax planning tool to review a sample Schedule C and line item information related to your specific business You can even complete a Schedule C for your business or use the tool to analyze various what if scenarios More Home Office Deduction Calculator The costs of maintaining your home office are deductible business expenses including indirect costs such as mortgage interest real estate taxes utilities repairs maintenance insurance etc Use the Home Office Deduction Calculator to determine the amount of your deduction More NOTE Our tax calculators are intended to serve as a guide only and are not intended to replace your personal tax professional As always we recommend that you retain the services of a competent professional for advice regarding your specific facts and circumstances Upcoming Tax Dates 2013 June 17 2013 Payroll Tax Deposit Due Monthly Filers May payroll 2013 Second

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/tax-tools (2016-02-14)
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  • Tax Tip: Surviving An IRS Audit
    Search My NASE About Me Account Benefits Optional Benefits Payment Details Expert Questions Email Subscriptions Membership Directory Tax Blog Your resource for small business tax advice Tax Tip Surviving An IRS Audit by User Not Found Mar 19 2012 Posted by Keith Hall NASE National Tax Advisor There are a great many horror shows that keep us up at night wondering if anything or anyone might be hiding under the bed Psycho Friday the 13th Nightmare on Elm Street you name it Most of us know that these stories are not real yet our hearts beat faster and our sleep comes slower just thinking of them Perhaps none of these classics can accelerate heartbeats nor steal as much sleep as a small business owner s fear of an IRS audit The overall chances of being audited in any one year are only about one percent one out of a hundred If you file a Schedule C with your tax return your chances go up to about three percent The really scary number is that over the life of your small business your overall chances of being audited at some point is about 50 50 one in two Now that is a nightmare waiting to happen If you only knew which one of those tax returns was indeed going to be audited And that brings me to the real point of my little tirade here The best way to survive an IRS audit is to prepare each tax return assuming that return will indeed be audited Don t take any shortcuts Make sure every number that you include on that return has the appropriate support Remember you need to come up with that support anyway in order to even put the number on the return Don t guess Take your time

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/tax-blog/self-made/2012/03/19/Tax_Tip_Surviving_An_IRS_Audit (2016-02-14)
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  • NASE Member Dues Are Tax Deductible [Ask The Experts Q&A]
    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 Tax Blog Your resource for small business tax advice NASE Member Dues Are Tax Deductible Ask The Experts Q A by User Not Found Mar 01 2012 Q What do I list my NASE membership dues under on my tax return A The best place to include business association or other deductible dues is on Line 27 of your Schedule C Other Expenses You can include a specific description such as Business Association Dues on line 48 in Part V on page 2 of the Schedule C Show oldest on top Show newest

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/tax-blog/self-made/2012/03/01/NASE_Member_Dues_Are_Tax_Deductible_Ask_The_Experts_Q_A (2016-02-14)
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  • HRA 105 For Medical Expenses [Ask The Experts Q&A]
    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 Tax Blog Your resource for small business tax advice HRA 105 For Medical Expenses Ask The Experts Q A by User Not Found Feb 14 2012 Q I set up an HRA 105 for my wife who is employed by me in my home office My understanding is that both her and my qualified medical expenses from the HRA can be deducted but cannot find a suitable category on TurboTax to enter this amount Please advise where this amount is entered A If I can be so bold let me change your terminology a bit as it relates to your HRA 105 plan You DID NOT set up an HRA 105 plan for your wife but instead your Company adopted an HRA 105 plan for the benefit of your employees Lose the word wife or spouse or anything else like that and just think in terms of your employee Second forget about HER medical expenses or YOUR medical expenses and just think in terms of the business Your business is reimbursing all medical costs submitted to the company by your employee for which that employee can provide adequate documentation PERIOD You don t care for whom the individual covered person is only that it is indeed the medical expenses incurred by your employee Now a note to your employee your spouse The employee pays for all their own medical expenses and then provides adequate documentation to their employer for reimbursement The employee can request reimbursement for all qualified medical expenses including those related to themselves your wife their spouse you their dependents also your dependents I am splitting hairs here but if

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/tax-blog/self-made/2012/02/14/HRA_105_For_Medical_Expenses_Ask_The_Experts_Q_A (2016-02-14)
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  • Can I Take A Loan From My 401(k)? [Ask The Experts Q & A]
    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 Tax Blog Your resource for small business tax advice Can I Take A Loan From My 401 k Ask The Experts Q A by User Not Found Jan 11 2012 Q I read something several months ago about taking a loan from your 401K retirement plan If you were at least 55 years old you were not required to pay this back and there was no penalty for this Is that true A From a technical standpoint you still must repay the loan If you don t repay the loan regardless of how old you are then the loan becomes a distribution The tax treatment and potential penalties for such a distribution will then be dependent upon your age The key point is whether a 10 penalty will apply to the distribution If you are over 59 and 1 2 then no penalty will apply If you are over 55 some exceptions to the penalty apply such as a distribution upon a separation from service meaning that you no longer work there Regardless the distribution would be subject to ordinary income tax For more detailed information please go to Publication 590 on the Internal Revenue s website at www irs gov This publication includes much more information about early distributions and may help you more fully understand the consequences of your decision to borrow

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/tax-blog/self-made/2012/01/11/Can_I_Take_A_Loan_From_My_401_k_Ask_The_Experts_Q_A (2016-02-14)
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  • Top Tax Changes For The Self-Employed
    for health insurance premiums for themselves and their families won t be as tax beneficial for 2011 tax returns as they were for 2010 The premiums paid for health insurance by the small business owner will be still be deductible on page one of form 1040 but unlike 2010 those same premiums will not be included on Schedule SE Self Employment Tax That means net earnings from self employment will be higher and the related Self Employment Tax will be higher This is in effect a 13 3 tax hike on the small business owner The NASE is committed to eliminating this inequity and restoring this deduction Check out NASE org for more updates from time to time Payroll Tax Cut for 2011 Beginning January 1 2011 the employee s part of the OASDI portion of Social Security tax was decreased from 6 2 to 4 2 on the first 106 800 paid to each employee For the small business owner the OASDI portion of Self Employment Tax was decreased from 12 4 to 10 4 which was a significant benefit The impact for the small business owner will be included on Schedule SE and means up 2 000 in lower taxes for all working Americans Payroll Tax Cut for 2012 The payroll tax cut for 2011 was expected to last only for one year however the cut has been extended for the first two months of 2012 The debate in Washington continues to be heavy on this subject and there is a good chance the tax cut could be extended even further Small business owners will need to keep track of these changes since either an extension or expiration will still require additional paper work and diligence to remain in compliance Bookmark NASE org to stay up to date on progress related to this important tax issue Reporting of Employer Provided Health Care The Affordable Cart Act which was passed in 2010 required that employers begin reporting the cost of coverage under an employer sponsored group health plan That reporting was originally required beginning on January 1 2011 so that business owners would have to report those amounts for the year just ended The good news is that more time has been granted The reporting for 2011 is now voluntary for all employers and optional for 2012 for those employers with less than 250 employees Go to NASE org and check out Notice 2012 9 issued Jan 3 2012 for more detail Increase in Maximum Section 179 Deduction The Small Business Jobs Act of 2010 increased the maximum allowable deduction under Code Section 179 from 250 000 to 500 000 for tax years beginning in 2010 and in 2011 This provision provides additional incentive for small businesses who invest in new equipment for both years At the same time the limit for the phase out of the deduction was increased to 2 000 000 from 800 000 Standard Mileage Rates Adjusted for 2011 Business owners using their vehicle for

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/tax-blog/self-made/2012/01/06/Top_Tax_Changes_For_The_Self-Employed (2016-02-14)
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  • What To Do With Year-End Inventory [Ask The Experts Q & A]
    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 Tax Blog Your resource for small business tax advice What To Do With Year End Inventory Ask The Experts Q A by User Not Found Dec 05 2011 Q We have a significant quantity of clothing left in our warehouse In prior years we have scrambled to get rid of it at closeout prices because our CPA says this has a tax advantage HOWEVER at what point can we determine we are actually LOSING money by doing this If we hold on to inventory and sell it at full price next year perhaps that s a greater advantage Is there a formula to help us ascertain what to do A I hate to take exception with your accountant but selling inventory at less than you otherwise could simply for tax reasons could never really make much sense If you sell inventory for even 1 less than you could have sold it later you will always be worse off unless the carrying cost of that inventory is greater than 1 That would mean you have debt against the inventory and selling it for 1 less now saves more than 1 in interest costs that would be incurred before you could sell it at its regular price But none of this has anything to do with tax reasons The key point is that giving up 1 in revenue does save money on taxes since obviously you have less in income But giving up the 1 will save you about 30 cents or so in taxes You save 30 cents

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/tax-blog/self-made/2011/12/05/What_To_Do_With_Year-End_Inventory_Ask_The_Experts_Q_A (2016-02-14)
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