can a sole proprietor with no employees use form 7202

can a sole proprietor with no employees use form 7202

Hey, you go-getting entrepreneurs! Got no employees? Wondering if you can use Form 7202? Well, I’ve got some news for you. This article will give you the lowdown on whether a sole proprietor like yourself can fill out that form. So, sit back, relax, and let’s dive in!

stimulus self employed benefits

stimulus self employed benefits

Are you self-employed and in need of some financial relief? The stimulus package has got you covered! Find out all about the awesome benefits and support available to help keep you afloat during these tough times. Don’t miss out on this opportunity!

Who qualifies for ERC tax credit?

Who qualifies for ERC tax credit?

Who qualifies for the ERC tax credit? The answer may leave you feeling overwhelmed, frustrated, and struggling. In the midst of confusion, many hardworking individuals are left wondering if they’ll benefit, clinging to hope. The system needs clarity, empathy, and fairness to uplift those who deserve it most.

ffcra small business

ffcra small business

The Families First Coronavirus Response Act (FFCRA) provides small businesses much-needed relief amidst the COVID-19 crisis. With its provisions for paid sick leave and expanded family and medical leave, small business owners can ensure their employees stay safe while balancing their own financial stability. Let’s delve into the intricacies of FFCRA and how it supports small businesses in these unprecedented times.

Coronavirus Paid Leave

Wondering if Netflix will count as a legitimate reason to take coronavirus paid leave? Imaginary office debates aside, learn all about this new policy and how it’s saving the sanity of workers everywhere. Spoiler alert: Netflix may or may not be involved, wink wink.

FFCRA For Self Employed

FFCRA For Self Employed

As a self-employed individual, you may be wondering how the FFCRA (Families First Coronavirus Response Act) applies to you. Well, good news! The FFCRA provides certain benefits for self-employed individuals, such as tax credits for paid sick leave and expanded family and medical leave. In this article, we’ll delve into the details of how self-employed individuals can take advantage of the FFCRA and navigate these challenging times. So, sit back and let’s get started!

Demystifying the FFCRA Tax Credit: Eligibility and Implications

The Families First Coronavirus Response Act (FFCRA) Tax Credit has played a pivotal role in addressing the economic challenges brought on by the COVID-19 pandemic. This tax credit, designed to offer crucial financial support, has become a lifeline for both individuals and businesses facing the pandemic’s unprecedented disruptions. In this comprehensive guide, we will delve […]

Cha-ching: The Lowdown on COVID Paid Leave!

Are you ready to dive into the juicy details of COVID paid leave? Well, grab your popcorn and get cozy, because we’re about to spill the tea on all the cha-ching you could be making while staying safe at home! Get ready to cash in on that much-needed dough while sipping on your favorite quarantine beverage. Cheers to paid leave, my friends!

FFCRA landmark legislation‌ that ​aims ⁢to ​provide relief to working families affected by ⁤the pandemic

ffcra

The Families First Coronavirus Response Act (FFCRA) is a federal law passed in response to the COVID-19 pandemic. It provides employees with paid sick leave and expanded family and medical leave for certain COVID-related reasons. Under the FFCRA, eligible employees can receive up to two weeks of paid sick leave and an additional ten weeks of paid family and medical leave at two-thirds of their regular pay rate. This is a significant relief for employees who need to take time off due to the virus or caring for a family member affected by it. The FFCRA is an important legislation to protect the health and well-being of workers during these challenging times.

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Helping independent business owners get every dollar they deserve.

Our team of tax experts are here for small business owners to claim the federal FFCRA tax credits commonly known as the Self Employment Tax Credit (SETC). Get up to $32,220 back!

For 2019, 2020 and 2021 Enter your Net Income for Each Year:

To find your self-employed income for taxes, check your Schedule C, specifically “Line 31 – Net Profit or (loss).” This is your total income before deductions, combining earnings from all your jobs.

For 2020 and 2021 how many DAYS per YEAR did you sacrifice working in your business because you had COVID 19, had COVID 19 symptoms, a COVID 19 related illness and / or were told to quarantine because you were exposed or affected by COVID 19.

If you had COVID-19 and took time off between April 1, 2020, and March 31, 2021, or between April 1, 2021, and September 30, 2021, you can claim up to 10 days in each period.

For 2020 and 2021 Enter the DAYS per YEAR you sacrificed working in your business because of care for #1 your minor (under the age of 18 or a child with severe disabilities) child’s school or daycare closed, your child out was sick, or your child was told to quarantine due to COVID 19 and / or #2 for the same reasons you cared for another over 18 individual(s).

If you cared for someone between April 1, 2020, and March 31, 2021, you can claim up to 50 days. From April 1, 2021, to September 30, 2021, you can claim up to 60 days.

As per IRS guidelines, you are NOT required to provide proof of a positive COVID-19 test or your COVID-19 status when submitting your filing. Instead, you are confirming IN GOOD FAITH that you experienced COVID-19, its symptoms, related illness, or quarantine, resulting in the inability to work and earn income. While no specific evidence is needed for filing, it’s advisable to retain certain records for your records. These might include a positive COVID-19 test result, a healthcare provider’s note about your positive test or symptoms, or documentation indicating quarantine. Also, remember that maintaining records of non-working days due to COVID-19 exposure or symptoms could be beneficial, such as data from your business software or bank statements reflecting the absence of sales deposits during that period. You can trust our simplified process to account for your circumstances accurately and fairly.

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