ATTENTION: UPDATE SINCE VIDEO POSTED WATCH THIS INSTEAD [ Ссылка ] THIS IS NOT AVAILABLE FOR 2022 OR 2023! IT IS TOO LATE TO GET IT FOR 2020. YOU MAY QUALIFY FOR 2021 BUT IT EXPIRES 4/15/2025. YOU SHOULD ONLY ACT WITH A TAX PROFESSIONAL. YOU MUST AMEND YOUR 2021 INDIVIDUAL TAX RETURN. Self-Employed Tax Credit IRS Form 7202. REQUIRES NET INCOME ON SCHEDULE C. SEE HOW IT ADDs UP TO $36,220 BELOW. 2020 NO LONGER AVAILABLE. NOT AVAILABLE FOR 2022 OR AFTER.
SEE LATEST VIDEO FOR LATEST INFO [ Ссылка ] Know your "dates" and your tax software will do the rest! Eligible self-employed individuals are allowed a credit against their federal income taxes for any taxable year equal to their "qualified sick leave equivalent amount" or "qualified family leave equivalent amount." IT IS A REFUNDABLE TAX CREDIT. The CARES Act, Consolidated Appropriations Act and American Rescue Plan Allows for this Self-Employment Tax Credit.
FIND JJ THE CPA'S
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IRS Form 7202 & Instructions
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SEE LINK TO IRS FAQs BELOW:
IRS Schedule SE to Find Self-Employment Earnings
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2021 IRS Schedule 3 [TAX CREDIT CARRIES FROM IRS FORM 7202]
Line 13 b and 13 h
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Form 1040 [SEE IF YOU GOT THIS CREDIT HERE]
Line 31
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HOW IS IT CALCULATED: YOUR TAX SOFTWARE WILL DO THIS BUT...
2020 NO LONGER AVAILABLE.
NOT AVAILABLE FOR 2022 OR AFTER.
Self-Employment Income Per Schedule SE
Divided by 260 Days (52 Weeks Multiplied by 5 Days Per Week)
THIS EQUALS YOUR DAILY SELF EMPLOYMENT EARNINGS, WHICH IS USED TO DETERMINE THE BELOW
THEN YOU GET THE LOWER OF YOUR DAILY RATE* OR THE MAXIMUM BELOW
*Two credits are then multiplied by 67%
HOW COULD IT BE $36,220, ASSUMING YOU QUALIFY FOR THE MAX EACH DAY
Self-Employed Sick Leave Tax Credit Possible
2020 NO LONGER AVAILABLE.
NOT AVAILABLE FOR 2022 OR AFTER.
$5,110 Max 10 Days: 4/1/20 to 3/31/21 (Max $511 Per Day)
PLUS
$5,110 Max 10 Days: 4/1/21 to 9/30/21 (Max $511 Per Day)
PLUS
2020 NO LONGER AVAILABLE.
NOT AVAILABLE FOR 2022 OR AFTER.
$2,000 Max 10 Days: 4/1/20 to 3/31/21 (Max $200 Per Day)
PLUS
$2,000 Max 10 Days: 4/1/21 to 9/30/21 (Max $200 Per Day)
PLUS
$10,000 Max 50 Days: 4/1/20 to 3/31/21
PLUS
$12,000 Max 60 Days: 4/1/21 to 9/30/21
EQUALS TOTAL IF YOU QUALIFIED FOR ALL THE ABOVE
2020 NO LONGER AVAILABLE.
NOT AVAILABLE FOR 2022 OR AFTER.
$36,220 Max Tax Credit for the Self-Employed
IRS FAQS - SEE QUESTION 106 FOR THE SELF-EMPLOYED:
Who is an eligible self-employed individual for purposes of the qualified sick leave equivalent credit and the qualified family leave equivalent credit?
LINK
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Eligible self-employed individuals are allowed a credit against their federal income taxes for any taxable year equal to their "qualified sick leave equivalent amount" or "qualified family leave equivalent amount."
JJ the CPA covers: Taxes, tax issues, self employed tax planning, tax planning, self-employment, ERTC, ERC, PPP loan forgiveness, Employee Retention Credit, EIDL, Economic Injury Disaster Loan, EIDL Grant, Form 1040, Form 1120S, Form 1120, Form 1065, Form 941, Form 940, Form W-2, Form W-3, Form 1120-S, Form W2, Form W3, Itemized deductions, Schedule A, Schedule B, Interest Income, Schedule C, Self Employment Income, Sole Proprietor, Single Member LLC, Limited Liability Company, LLC tax issues, S corporation taxes, Partnership tax issues, Corporate tax issues, Schedule E, Real estate tax planning, Real estate depreciation, Depreciation, Section 179 depreciation, vehicle depreciation, SUV tax depreciation, Bonus depreciation, Form 4797, Schedule F, Farm tax issues, Farming tax planning, Commercial Real Estate tax planning, capital gains, capital losses, cryptocurrency tax issues, crypto-currency tax capital gains tax rates, married filing jointly, married filing separately, single filing status, head of household tax issues, child tax credit, child care tax credits, advance child tax credits, IRS letters
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