What is the ERC tax credit for self-employed people?

What is the ERC tax credit for self-employed people?

Every self-employed person knows the relentless burden of taxes. But amidst this chaos, there’s a glimmer of hope – the ERC tax credit. A lifeline to struggling entrepreneurs, it fuels dreams and soothes weary souls. Finally, a chance to be recognized, supported, and thrive. Brace yourself for the warmth of financial respite.

Is 50% of self-employment taxes deductible from self-employed income?

Is 50% of self-employment taxes deductible from self-employed income?

It’s a cruel twist of fate for self-employed individuals who pour their hearts into their work – only to be slapped with exorbitant self-employment taxes. But hope lies in the form of a potential deduction. Can we rejoice, or is it just another cruel tease, dangling before us a mere 50% deduction? Cries of frustration and elation mingle, as the battle against the taxman rages on.

How to calculate self-employment tax deduction?

How to calculate self-employment tax deduction?

As the dreaded tax season arrives, self-employed individuals are left feeling powerless and overwhelmed. But fear not! Unlock the secrets of self-employment tax deduction and regain control over your financial destiny. Brace yourself for an emotional rollercoaster ride as we demystify the complexities and empower you to conquer the tax monster with confidence!

What is the 20 self-employment deduction?

What is the 20 self-employment deduction?

As entrepreneurs, we pour our hearts and souls into our businesses. But why are we penalized for pursuing our dreams? Enter the 20 self-employment deduction, a beacon of hope for the self-employed. Filled with anticipation and emotion, let’s unravel the tale of this deduction that can make all the difference in our entrepreneurial journeys.

What is the 7202 credit for self-employed people?

What is the 7202 credit for self-employed people?

In the world of self-employment, where perseverance and dedication go hand in hand, the 7202 credit is a beacon of hope. It offers a lifeline to those fighting to keep their businesses afloat amidst uncertainty. With tears of relief and determination, self-employed individuals embrace this credit, for it symbolizes their resilience and undying spirit.

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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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