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Washington Watch
November 19, 2003
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NASE Continues to Push for
Passage of H.R. 1873
Eliminating the payment of self-employment tax on
health insurance premiums for sole proprietors
continues to be the top priority for the NASE.
H.R. 1873, introduced in the House of
Representatives in April, would give Schedule C filers
(sole proprietors) the same tax advantage all other
businesses have -- the ability to deduct their health
insurance premiums as a business expense.
Small Business Committee Chairman Don Manzullo
(R-IL) and Ranking Member Nydia Velázquez (D-NY)
sponsored
H.R. 1873, “Self-Employed Health Care
Affordability Act.” To date, 33 other members have
signed on as co-sponsors.
The NASE is working hard to educate more members of
Congress about this issue and to get the bill
introduced in the Senate. But, we need your help.
Visit the NASE
Legislative
Action Center and e-mail your legislators about
this important issue. You can also
Tell
Your Story about how the payment of
self-employment tax on health insurance premiums
affects your business.
Can Children Learn Entrepreneurship?
Do your children help with your micro-business?
Have you taught them about spreadsheets, marketing or
inventory? Then you won’t be surprised to hear that children
of business owners are two to three times more likely than
others to become entrepreneurs themselves. A new study,
Families, Human Capital, and Small Business, shows that
experience in a family-owned business is an important factor
in subsequent business success.
The study hypothesizes several factors contributing to the
increased success rate of businesses opened by entrepreneurs
with previous family-business experience:
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General managerial experience;
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Acquisition of industry-specific experience;
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Business inheritance; and
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A correlation among family members in preference for
entrepreneurial activities.
The last factor – an entrepreneurial gene – comes as no
surprise to the NASE. Each year, through the Future
Entrepreneur scholarship, the NASE honors one student who
has been bit by the business bug and demonstrates the drive
and ambition to succeed as a micro-business owner. The
scholarship is open to dependents of NASE Members and is
worth up to $24,000. If you think your child learned their
business savvy from you urge him or her to apply for this
prestigious award. In addition, the NASE annually awards
scholarships to students pursuing any field of study. Look
for applications on the NASE Web site after the first of the
year and in the January/February issue of Self-Employed
America magazine.
To read more about the study, Families, Human Capital, and
Small Business, read the
November
Advocate, published by the Office of Advocacy of the
Small Business Administration.
Click here for more information on the NASE Scholarship
Program.
IRS Grants Tax Relief for California
Wildfire Victims
If you live or work in Southern California, you may be
eligible for special tax relief due to the October
wildfires. For individuals and businesses located in Los
Angeles, San Bernardino, San Diego and Ventura counties,
visit the IRS
Small Business/ Self-Employed Web site for more
information.
Do any of these issues affect you? Visit the NASE Legislative
Action Center and “Tell
Your Micro-Business Story.” This will help the NASE
understand - on a personal level - how key legislative issues
are affecting your business and your bottom line.
For more information about any of the articles in
Washington Watch, contact Maureen Petron, NASE public
affairs manager, at (202) 466-2100 or
mpetron@nase.org.
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