Tax Tip #173

The IRS is providing another COVID-19-related tax credit. 

Qualifications:

• Self-employed/independent contractors & active members of a partnership/LLC who have income subject to self-employed tax

• Those who missed work due to COVID-19 illness, quarantine or family care absences

• Time period: 4/1/2020 through 9/30/2021

The maximum amount of the credit: $5,110 for qualified sick leave and $12,000 for qualified family leave.

The due date for the refundable tax credit pertaining to tax year 2020 is 4/15/2024. 

If you believe this credit applies to you, don’t hesitate to reach out to a team member.