Think outside the box. If you have a kid at home, under age 18, who helps in your business, create a job and you can save over $2,400 in taxes for money that you are already giving them anyway
Dallas, Texas (PRWEB) March 01, 2016
As millions of American small businesses and taxpayers prepare their 2015 tax returns, the National Association for the Self-Employed (NASE), the nation’s leading advocate and resource for the self-employed and micro-businesses, today released a list of changes, adjustments and reminders to the tax code along with important tips and resources for filing accurate returns, in addition to some creative ways to reduce the tax they pay.
“There are a number of changes every small business owner and taxpayer should know as they prepare their 2015 tax returns,” said Keith Hall, President and CEO of NASE. “From an update in the mileage reimbursement rate to investment contributions to changes in the ACA, now is the time to make sure you have the information you need. And don’t forget to be creative. Think outside the box. If you have a kid at home, under age 18, who helps in your business, create a job and you can save over $2,400 in taxes for money that you are already giving them anyway.”
2015 TAX CHANGES AND ADJUSTMENTS (AND REMINDERS)
- The Affordable Care Act (ACA) penalty for non-compliance
- Potential individual exceptions to the ACA penalty
- A streamlined, standard home office deduction available
- The standard mileage rate for business use of an automobile has changed to 56 cents per mile (57.5 cents for 2015)
- Limits for retirement plan contributions such as IRAs and 401(k) plans have increased
- Restrictions for the applicability of Health Reimbursement Accounts (HRAs)
TOP TAX FILING TIPS
1. Gather Your Documents Early – don’t wait until the last minute; now is the time to start making sure you have all your important tax filing documents.
2. You’re Not Alone – stay connected; there are resources out there to help you from IRS.gov to NASE.org and tax professionals.
3. Educate Yourself About Changes to the Tax Code – believe it or not, there are changes and adjustments to the tax code year-to-year; make sure you find out what they are so you are prepared and can take advantage of them.
4. Don’t Forget About Hidden or Overlooked Deductions – don’t leave anything on the table; make sure you are not missing any deductions that apply to you that can make the difference, such mileage reimbursement, retirement contribution and the home office deduction.
5. Be Creative and Proactive – Don’t wait until April 15th to plan on lowering your tax bill.
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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 Small Business Locator helps identify and connect our nation’s smallest businesses. In addition, NASE’s new health care portal helps small business owners navigate the nation’s health care marketplace. 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