Admin - Saturday, July 13th 2024 10:46pm
If you were self-employed in 2021, you might have qualified for COVID-19-related sick and family leave credits without realizing it. (Remember, partners in partnerships are also considered self-employed.)
Unlike the employee retention credit or expanded sick and family leave for employees, these special temporary credits for the self-employed didn’t get much attention. Many tax professionals were unaware of them, leading to many self-employed individuals not applying for them.
You qualified for these credits if you couldn’t work for various COVID-related reasons, such as having COVID, being under quarantine, getting tested for COVID, or caring for family members affected by the virus.
Fortunately, you can still claim these credits by amending your 2021 tax return. These credits can be worth up to $32,220 and are refundable, meaning you can receive the full amount even if it exceeds your 2021 tax liability. You have until April 18, 2025, to amend your 2021 tax return and claim these credits. But why wait? Amend your 2021 tax return today to get your money as soon as possible.