What You Need To Know About The One-Year Tax Deduction On Health Costs for the Self-Employed

Self Made: NASE's Blog

Blog With Us

Welcome to the Self Made. This is a blog focused primarily on the self-employed and micro-business and full of fantastic posts by not only our team of experts but by YOU!  We realize that there are many ways to help the small businesses out there which is why we invite other business minded individuals to post here and help the rest of the community as well.

What You Need To Know About The One-Year Tax Deduction On Health Costs for the Self-Employed

Sep 30, 2010

On September 27, 2010, the Small Business Jobs and Credit Act of 2010 (H.R.5297) was signed into law. The legislation provides an important tax break for the over 23 million self-employed Americans that represent 78 percent of all small businesses in the U.S.

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 on health costs for payroll tax (self-employment tax) purposes.

Here is some guidance to determine whether you can benefit from this new deduction: What You Need To Know About the One-Year Tax Deduction On Health Costs for the Self-Employed

Starting a Bridal Gown Business: Key Considerations and Strategies

As a business that combines elegance, romance, and celebration, the bridal gown industry appeals to those who want to pursue their entrepreneurial dreams. But breaking into this cutthroat market demands careful preparation, ingenuity, and a deep grasp of the workings of the industry. This essay examines crucial factors and practical tactics for starting and expanding

Written By Delilah (@delilah-a) - Best Practices | Tips and Tricks

Overcoming Common Challenges Faced by Online Entrepreneurs

Starting a successful online business is like starting a tug-of-war between your time and money. For early-stage entrepreneurs, you constantly have to ask yourself if you should invest your hours into learning new skills, like web design and video editing, or if you’re better off hiring experts. And then there’s the question of how you’ll

Written By Joseph Muscente (@lendingtree123) - Best Practices

How To Start a Reselling Business

Online reselling is a compelling opportunity for entrepreneurs who want to launch a business quickly and with minimal capital. A reseller forms relationships with product manufacturers to sell their goods online. Responsibilities can be broken down in various ways, but fundamentally, the reseller brings in the customer and makes the sale, while the manufacturer provides

Written By Scott (@wesellcellular) - How-To Guides / Tutorials

Utilizing Social Media Advertising to Boost Small Business Visibility

Marketing is the backbone of small business and today’s business landscape requires businesses to have social media presence in order to stay competitive. Prior to social media, businesses often relied on traditional marketing channels like newspapers, billboards etc. Although those worked before, the cost-effectiveness and ROI is small in comparison to social media advertising. In

Written By Delilah (@delilah-a) - Best Practices

Power-Ups for Profit: Integrating Loyalty Programs with Gaming Elements in Small Businesses

In today’s competitive market, small businesses must find innovative ways to attract and retain customers. One emerging trend is the integration of gamification elements into loyalty programs. By incorporating game-like features, businesses can create engaging and rewarding experiences that encourage repeat visits and increased spending. This article explores how small businesses can leverage gamification to

Written By Anthony Lucas (@anthonylucas) - Best Practices

Want More?


See our latest Self Made content by clicking here.  Want to see our archives, click here.

Courtesy of NASE.org
https://www.nase.org/business-help/self-made-nase-blog/self-made/2010/09/30/What_You_Need_To_Know_About_The_One-Year_Tax_Deduction_On_Health_Costs_for_the_Self-Employed