If you are self-employed, you may be eligible for various tax credits that have the potential to significantly reduce your tax liability and increase your refund. These credits cover a spectrum of areas, including those related to the COVID-19 pandemic, general business expenses, and social security taxes.
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Ready to explore the numerous advantages of leveraging self-employed tax credits? As a self-employed individual, you stand to benefit significantly from these credits, which are more valuable than tax deductions. Unlike deductions that merely reduce your taxable income, tax credits work to decrease your tax liability dollar for dollar.
Beyond the financial impact, self-employed tax credits play a crucial role in helping you offset various costs and challenges associated with running your own business. Whether it's navigating business expenses, addressing operational challenges, or strategically planning for growth, these tax credits serve as a powerful tool in optimizing your overall financial strategy.
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The Families First Coronavirus Response Act (FFCRA) allows eligible self-employed individuals who are unable to work or telework for reasons related to COVID-19 to claim refundable tax credits for sick and family leave. These credits are equal to either your qualified sick leave or family leave equivalent amount, depending on your situation.
The IRS offers a variety of tax credits for businesses that incur certain expenses or meet certain requirements. These credits are part of the general business credit, which is a combination of your carryforward of business credits from prior years plus the total of your current year business credits. You can subtract this credit directly from your tax liability.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allows eligible self-employed individuals to defer the payment of 50% of their social security tax on net earnings from self-employment income for the period beginning on March 27, 2020, and ending on December 31, 2020. This means that you can postpone paying half of your 12.4% social security tax that you normally owe on your self-employment income.
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We believe that informed clients make better financial decisions. As part of our service, we'll provide educational resources and workshops to help.
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