Since tax day falls on April 17 this year – two days later than normal – you have 48 extra hours to take advantage of all possible 2011 tax breaks.
Ensure you’ve applied these tax breaks:
Read on for details. If you filed your taxes by March 15 because your business is a corporation, you may be able to file an amended return to claim any missed breaks.
Are tax debate and discussions (as well as those focused on the federal deficit) likely to decrease in 2012? Most likely not! As we get nearer to the November elections, the topic of taxes will certainly be even more front and center. Until then, here are some notable tax trends for 2012:
And more.
To learn about additional trends and dive into those above, check out an article written by Barbara Weltman that first appeared on Small Business Trends. Most likely the only sure thing about taxes is that they’re not going away. Remember to stay watchful of opportunities that can assist you, and use resources such as the tax calculators within the Tools section of Small Business Connect.
Bill Would Create Optional Standard Deduction
The National Association for the Self-Employed (NASE) is thrilled to lend support to legislation introduced today by Congressmen Kurt Schrader (D-OR) and Ron Kind (D-WI) which would simplify taxes for millions of small business owners.
The Home Office Deduction Simplification Act, HR. 1827, would allow home-based businesses to take a standard $1,500 deduction for home office expenses. According to an NASE study, more than half of small businesses are based out of a home office.
“Too many home-based business owners who are eligible for the home office deduction elect not to take it because of the complexity of the form and calculations required,” said Kristie Arslan, Executive Director of the National Association for the Self-Employed (NASE). “This means valuable tax refund dollars that could be invested back into the business are left on the table each year. The creation of an optional standard deduction will go a long way in easing the minds of these cautious business owners. The fact that this bill ensures that the standard deduction will be adjusted for inflation also ensures that future businesses will be able to take advantage of this tax benefit for years to come.”
“I’ve built two small businesses from scratch,” said Schrader. “And I can tell you from experience that the complexity of our tax code hinders business growth. By making it easier for Oregon small businesses to pay their taxes you can encourage them to expand their operations and hire more workers – and job creation is exactly where Congress should be focusing our time right now.”
“Small businesses are the backbone of our economy,” said Kind. “They are generating two out of every three jobs right now, serve as important anchors in our communities, and are vital to our economic recovery. It is critical that we help these economic engines by providing the resources and tax credits to make it easier and fruitful to own and maintain a small business during this tough time. I will continue working to provide the resources our small businesses need to grow, hire, and drive dollars back into our local communities.”
Schrader and Kind introduced similar legislation in 2009 with Republican co-sponsors. However that legislation remained in committee when Congress adjourned. This year’s version, H.R. 1827, was referred to the Committee on Ways and Means for consideration.
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 Web site at www.NASE.org.
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. Use of your car for driving to client meetings, the office supply store, the post office and more are deductible expenses because you are using your vehicle for business purposes.
Here are a few tips from the National Association for the Self-Employed (NASE) to remember in regard to deducting expenses for business use of your automobile:
“The main thing the IRS will want to see in supporting this deduction is your mileage log.” says NASE National Tax Advisor Keith Hall. “You must keep track of the miles you drive for business, whether it’s on your computer or handwritten in a notebook.”
The NASE iPhone application TripAlly tracks, calculates and records miles driven to create the ultimate tax-deduction mileage log. Whether you need to track miles for your small business, charitable contributions, for employee reimbursement, or simply because you want to know, TripAlly can help. Download TripAlly at the iTunes App Store.
Click here for more details on TripAlly.
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 Web site at www.NASE.org.
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