|With an Increase in the Number of Self-Employed, From a New ACA Penalty to Investment Contribution Updates, Pennsylvanians Must Educate Themselves and Prepare Documents Now WASHINGTON, D.C. – As the Pennsylvania public, including thousands of small business owners in the state, prepare to file their 2014 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 important tax tips, resources and updates about this year’s tax code for filing accurate returns along with updated business statistics on Pennsylvania’s small business community.
“The number one thing individuals and small businesses in Pennsylvania can do now to prepare for tax season is to educate themselves about the changes and new adjustments to the tax code,” said Keith Hall, President and CEO of NASE. “From a new health care penalty to updates in the mileage reimbursement rate and investment contributions, there are several changes to the tax code that will impact this year’s return. You can never be too prepared and now is the time to start gathering your documents.”
2014 TAX CHANGES AND ADJUSTMENTS
PENNSYLVANIA SMALL BUSINESS FAST FACTS*
Small employers in Pennsylvania are part of the largest small business demographic of 27 million self-employed and micro-businesses nationally*, according to newly released 2012 U.S. Census statistics. This is an increase of 80,822 self-employed (55,165) and micro-businesses (25,657) nationally over 2011. In fact, 2012 represents a peak year for the self-employed with an average growth rate of 2.86 percent over the last 10 years (more than any other small business demographic).
TIPS FOR FILING
The NASE advocates for fairness and simplification in the nation’s tax code. Not only should adjustments be made to the corporate tax rate, but also the individual rate – the rate at which the majority of the self-employed and small employers’ taxes are calculated. The NASE is also a leading supporter of the Small Business Healthcare Relief Act, which would allow for the continued utilization of standalone health reimbursement arrangements (HRAs) for small employers (49 or less employees). These HRA arrangements have currently been disqualified under the new regulations outlined in the Affordable Care Act – a major change for the small business community this year. The Administration has recently delayed the implementation of this regulation for the short-term, but a long-term bipartisan solution is needed to address this issue.
|# # # 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|