When the CARES Act came out, most people became familiar with the PPP Loan, the EIDL Loan, and the additional $600 Federal Unemployment Checks which were made available. But did you know there are a few additional tax credits many haven’t even heard about? One of these credits which could help Self-Employed individuals save is the Family First Coronavirus Response Act (FFCRA).
How Do I Qualify?
This FFCRA allows Self-Employed individuals to take a tax credit if they meet any one of the following requirements, if the Self-Employed individual:
- Is subject to a federal, state, or local quarantine / isolation order related to COVID-19
- Has been advised by a health care provider to self-quarantine due to concerns related to COVID-19
- Is experiencing symptoms of COVID-19 and seeking a medical diagnosis
Most Self-Employed individuals and business owners can apply for this credit.
The maximum amount of credit possible for the FFCRA is a staggering $5,110 in possible savings.
What’s A Tax Credit?
A tax credit is a credit that is matched dollar for dollar of a person’s tax liability. Simply put, this means that if you owe $2,000 in taxes but receive a $1,500 credit, you now only owe $500 in taxes!
Reach out to Sinn Accounting and let one of our experts assess the amount of the tax credit you may qualify for today.
