News

In November the Administration launched the MyRA retirement tool encouraging individuals to establish retirement accounts, however, President Obama has now focused his attention on small employers (with less than 100 employees) who currently do not offer a retirement plan to their employees.

Ernesto Dominguez is the owner of The Senior Club Professional Advanced Day Care located in Miami, Florida. The Senior Club provides services for the elderly so they have a safe, supportive, cheerful environment where they participate in various care programs and have positive social interaction. Despite two previous senior care facilities failing at the same location, Ernesto and his wife Lizbet opened their business in 2012 and haven’t looked back. Knowing how difficult it was going to be starting a business, Ernesto joined the NASE and quickly put to use the benefits provided. As the business became successful, they applied for and received an NASE Growth Grant so they could expand their business and serve more customers.

Q: I have been in business for about four years and things are going really well. Should I convert my business to an LLC or to a corporation to reduce how much I have to pay in taxes?​ A: Congratulations on your success and keep up the good work. Don’t forget that over 70% of all new jobs in this country come from small business owners just like you, so well done. As your business continues to grow there may very well be good reasons to consider different entity forms but a material reduction in taxes is not one of them.

Most of us associate February with Valentine’s Day flowers, Ground Hog’s Day, or maybe even the birthday month of Abraham Lincoln. But for all of us who are also small business owners it is time to start thinking about that dreaded tax return. And worst of all is the thought that what if that tax return gets audited. It’s a random Saturday morning and the weather is nice. You walk out to the mailbox with your fresh morning coffee almost skipping with a song in your step. Life is good. But then a big white envelope appears with the return address reading…Internal Revenue Service. Suddenly, the Saturday is not so bright and the coffee is not so fresh.

This tax season, self-employed business owners and contract workers have a slew of potential deductions that could put a significant dent in their tax bill. But oftentimes these substantial write-offs are overlooked.

With two months until the April 15th tax-filing deadline, it is never too early to start preparing your 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 helpful tips for filing accurate and beneficial tax returns for small business owners and the American public. The tips released today by NASE are focused on helping taxpayers maximize opportunities for saving money and minimize errors.

George Banyas is self-employed, having run a successful optometry business in Richland for the past 15 years. He and his wife have two children, both in their early 20s and attending college. ​While his business has afforded his family a stable living, it also has left him ineligible for a health insurance subsidy under the Affordable Care Act. And Mr. Banyas is increasingly worried about the rising cost of insuring his family of four. The Affordable Care Act, he said, is looking increasingly unaffordable for him.

Connect Lending, an online platform for matching commercial lenders to small business owners, and the National Association for the Self Employed (NASE) the nation’s leading advocate and resource for the self-employed and micro-business community, announced today the formation of a new partnership tailored to better serve the business funding needs of NASE members. This agreement provides NASE members with access to a wide range of national commercial lenders experienced in providing self-employed business owners with diverse financing opportunities.

As a 15 year entrepreneur, I have naturally acclimated towards fellow creative business minds. Enjoying hearing ideas of our youth and supporting educational efforts from serving as an adjunct educator at our local junior college to volunteering with junior achievement, small business has been a passion of mine. From owning and failing a small grocery business in a small town to successfully franchising a service model that truly disrupts the liquidation market, I have felt the sting of making mistakes and finding success! As an entrepreneurship author, speaking at national BPA (Business Professionals of America) and DECA (Distributive Education Clubs of America) conferences across the US, the excitement of the youth has continued to motivate me. Having a business fail drove me to write books. The first was a youth entrepreneurship book, “Cardinal Rules: Financial Resources for Young Adults”. A few years later I wrote the second book for adult use. Like myself, many adults need a second chance. Speaking in prison ministry programs, conducting my own boot camp, or assisting adult workforce development agencies were a nice fit for my work.

Q: I am getting ready to do my taxes for last year and not sure how to treat stuff I bought for my business like my laptop, printer, and office furniture. What line on my business tax return do I include these expenses? A: The costs associated with the new equipment and furniture will certainly provide a tax deduction to the extent the items are used in the ordinary course of business. However, unlike many other expenses these items are not direct expenses to be included on a particular line of your Schedule C, Profit or Loss from Business. The items you mentioned are considered capital assets which basically mean they will typically last your business more than just one year and therefore must be capitalized. The total cost of the business assets will still generate a full deduction over time but must be allocated over the expected useful life of each asset recognizing a portion of the expense for each year for which there is a benefit.