Self-Employed And Micro-Business Community Will Continue To See Savings
Washington, D.C., February 17, 2012 – Congress is coming out ahead of this month’s payroll tax extension, currently set to expire at the end of February. Senate and House conference committee members have agreed to a 10-month extension of the payroll tax deduction. The deduction extension equates to an additional $40 per pay period for nearly 170 million American workers.
The National Association for the Self-Employed (NASE) is pleased that Congress was able to work out a compromise on this issue, rather than resort to the political blame game that the nation saw in previous negotiations. Passing the payroll tax extension will provide extra savings for the self-employed and micro-businesses who serve as employer and employee within their business.
The extension of this tax benefit is immensely important to the self-employed business owner trying to stay afloat in a still troubling economy. The extra savings can be used to purchase office supplies, for additional marketing efforts or to offset rising gas prices.
“Once the issue of the payroll tax deduction is resolved, we hope that the Senate and House will quickly work to address several other important pieces of legislation that could further encourage growth within the small business community and therefore the U.S. economy,” said Director of Government Affairs Katie Vlietstra. “Two issues that should be addressed this year include the self-employment tax deduction on health insurance and the standard home office deduction.”
Final passage of the conference report by the Senate and the House is expected Friday or even in a rare Saturday session with the President’s signature to follow.