If you are self-employed and were affected by Covid, you may qualify for a tax credit called the Families First Coronavirus Response Act (FFCRA). Your max tax credit could be as high as $32,220!
In March 2020, the Families First Coronavirus Response Act (FFCRA) was signed into law to help companies offer paid sick leave and unemployment benefits caused by COVID-19. Initially, the FFCRA focused on employers with W-2 employees to help them weather the economic impact caused by the pandemic.
In December 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which expanded the FFCRA to cover not only employers but the self-employed. Thanks to the FFCRA expansion, self-employed individuals, freelancers, independent contractors, and gig workers are now eligible for tax credits that pay you back for the time you would’ve normally spent earning money that was lost because of COVID
Did you miss work due to the following situations?
Filing with the IRS can be challenging, complex, and time-consuming. No need to ask – Do I have the right paperwork? Are these calculations correct? How do I know if I’m approved?
It’s why we created Jorns & Associates because working for yourself doesn’t mean you’re alone.
We’ll take care of amending your tax returns and submitting your application to the IRS so you can get back to doing what matters most: growing your business.
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Did you miss out on the Employee Retention Tax Credit due to your self-employment status? If you are self-employed and were affected by Covid, you may qualify for a tax credit called the Families First Coronavirus Response Act (FFCRA). Did you miss work due to quarantine, Childcare, illness, vaccination? Check your eligibility today!