2014 Tax Filing Updates and Tips for Arizona’s Business Taxpayers

As the Arizona 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 Arizona’s small business community.

“The No. 1 thing individuals and small businesses in Arizona 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 healthcare 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

• The new 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
• The loss of the applicability of Health Reimbursement Accounts (HRAs)

TIPS FOR FILING

• You are not alone: use many of the countless NASE resources available to help you through your preparation, in addition the SBA and local Small Business Development centers are standing by to help.
• Get details straight from the source: bookmark the IRS website in order to get the details you need.
• Look for hidden deductions:  many people overlook deductions that could save thousands of dollars.
• File Electronically to avoid math errors.
• Avoid shortcuts.
• If you just can’t get it done, you can ask for more time.

For more information on completing your 2014 tax documents, visit NASE’s tax resource center or the IRS or the Small Business Administration (SBA).

An advocate for fairness and simplification in the nation’s tax code, 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.