Hi guys, Welcome to the Advanced Video Search Engine, and you are watching 2021 Self-Employed Tax Credit Sick & Family Leave Tax Credit [NOT AVAILABLE FOR 2020, 2022 or 2023]. That video is uploaded by JJ THE CPA at 2022-03-07T15:21:47-08:00. We are promoting this video only for entertainment and educational purpose only. So, I hope you like & enjoy it. [DxMrvGb3rJ8]
| Name | 2021 Self-Employed Tax Credit Sick & Family Leave Tax Credit [NOT AVAILABLE FOR 2020, 2022 or 2023] |
| Video Uploader | Video From JJ THE CPA |
| Upload Date | This Video Uploaded At 07-03-2022 23:21:47 |
| Video Discription | ATTENTION: UPDATE SINCE VIDEO POSTED - 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. SEE HOW IT ADDs UP TO $36,220 BELOW. 2020 NO LONGER AVAILABLE. NOT AVAILABLE FOR 2022 OR AFTER. Know your "dates" and your tax software will do the rest! [SEE NEWEST PART 2 VIDEO AFTER YOU WATCH THIS ONE https://youtu.be/fbZYNo6hiUM ] 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 SOCIAL MEDIA POSTS RELATED TO THIS https://linktr.ee/jjthecpa IRS Form 7202 & Instructions https://www.irs.gov/forms-pubs/about-form-7202 SEE LINK TO IRS FAQs BELOW: IRS Schedule SE to Find Self-Employment Earnings https://www.irs.gov/forms-pubs/about-schedule-se-form-1040 2021 IRS Schedule 3 [TAX CREDIT CARRIES FROM IRS FORM 7202] Line 13 b and 13 h https://www.irs.gov/pub/irs-pdf/f1040s3.pdf Form 1040 [SEE IF YOU GOT THIS CREDIT HERE] Line 31 https://www.irs.gov/forms-pubs/about-form-1040 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 https://www.irs.gov/newsroom/tax-credits-for-paid-leave-under-the-american-rescue-plan-act-of-2021-specific-provisions-related-to-self-employed-individuals#:~:text=Eligible%20self%2Demployed%20individuals%20are,qualified%20family%20leave%20equivalent%20amount.%22 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 #jjthecpa #taxes #tax #cpa #money #IRS #selfemployed #selfemployment #selfemployedtax COMMENTS ARE NOT REVIEWED. PLEASE DO NOT EXPECT AN ANSWER TO YOUR QUESTIONS. PLEASE REVIEW FULL DISCLAIMER https://www.jjthecpahelp.com/youtubedisclaimer I AM A CPA, BUT I AM NOT YOUR CPA. YOU MUST CONSULT WITH YOUR OWN TAX, FINANCIAL & LEGAL ADVISER. ANY INFORMATION ON THIS CHANNEL IS INTENDED FOR INFORMATIONAL PURPOSES AND FOR GENERAL GUIDANCE ONLY AND MUST NEVER BE CONSIDERED A SUBSTITUTE FOR ADVICE PROVIDED BY YOUR ADVISERS. THIS CHANNEL DOES NO CONSTITUTE ADVICE. DxMrvGb3rJ8 |
| Category | Education |
| Tags | self employed | self employment taxes | self employed sick tax credits | self employed family leave tax credits | irs tax credits | what is sick leave credits | cares act | American Rescue Plan | irs | taxes | self employment tax savings | form 7202 | how to prepare form 7202 | ppp loan | ppp forgiveness | eidl | payroll tax credits | ppp loan forgiveness | eidl grant | self employed ppp loan | stimulus | eidl update | ppp update | ppp forgiveness update | ppp self employed | how to save taxes | Every |
