A new federal form from the Internal Revenue Service aims to help the self-employed claim sick and family leave tax credits under the Families First Coronavirus Response Act.
Eligible self-employed individuals will determine their qualified sick and family leave equivalent tax credits with
Taxpayers can claim the credits on their 2020 Form 1040, for leave taken between April 1 and Dec. 31, 2020, and on their 2021 Form 1040 for leave taken between Jan. 1 and March 31, 2021.
The FFCRA, passed last March, allows refundable tax credits to eligible self-employed individuals who, due to COVID-19, can’t work or telework for reasons relating to their own health, or to care for a family member. The credits can offset their federal income tax and are equal to either their qualified sick leave or family leave equivalent amount, depending on circumstances.
Eligible self-employed individuals must conduct a trade or business that qualifies as
IRS.gov has instructions to help calculate the