Tax

Self-employed? Amend Tax Returns for up to $32,220 in Tax Credits

If you are self-employed or operate a small corporation, it’s likely that you have not applied for your sick and family leave tax credits.

If that’s the case, we may need to get your act together and file amended 2021 and 2020 tax returns now. You could find up to $32,220 in tax credits.

To see if you could qualify for the credits, ask yourself if you were unable to perform services from April 1, 2021, through September 30, 2021, on any day, for any one or more of the following reasons:

  1. You were subject to a federal, state, or local quarantine or isolation order related to COVID-19.
  2. You were advised by a health care provider to self-quarantine due to concerns related to COVID-19.
  3. You were experiencing symptoms of COVID-19 and seeking a medical diagnosis of COVID-19.
  4. You were seeking or awaiting the results of a diagnostic test for, or a medical diagnosis of, COVID-19.
  5. You were exposed to COVID-19 or were unable to work pending the results of a test or diagnosis.
  6. You were obtaining immunization related to COVID-19.
  7. You were recovering from any injury, disability, illness, or condition related to such immunization.
  8. You were caring for an individual who was subject to a federal, state, or local quarantine or isolation order related to COVID-19.
  9. You were caring for an individual who had been advised by a health care provider to self-quarantine due to concerns related to COVID-19.
  10. You were caring for your son or daughter because the school or place of care for that child was closed, or because the childcare provider for that child was unavailable, due to COVID-19 precautions.
  11. You were accompanying an individual to obtain immunization related to COVID-19.
  12. You were caring for an individual who was recovering from any injury, disability, illness, or condition related to the immunization.

If you answered yes to any of these 12 questions, you qualify for tax credits. And such credits could total $32,220 just for you. There’s much to this.

The point of this short note is to advise you of the tax credits and the fact that the clock ticks for claiming the credits. If you are eligible, please call me on my direct line at 408-778-9651.

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