If you could file a couple of tax forms with the IRS and collect up to $32,220, would you do it? We’re betting the answer is “Hell, yes!”
If you were self-employed during 2021, there’s a good chance that you qualified for COVID-19-related sick and family leave credits for the self-employed and never knew about it. (And remember, partners in partnerships are self-employed.)
Unlike the employee retention credit or expanded sick and family leave for employees, these special temporary credits for the self-employed received relatively little publicity. Many tax professionals were not even aware of them. As a result, many self-employed individuals never applied for them.
You qualified for these credits if you were unable to work for various COVID-related reasons—for example, you suffered from COVID, were under quarantine, went for COVID testing, or looked after family members impacted by the virus.
Fortunately, you can still claim the credits by amending your 2021 tax return. The credits can be worth as much as $32,220.
And they are refundable credits—you’re entitled to the full amount even if it exceeds your 2021 tax liability.
You still have plenty of time to amend your 2021 tax return to claim these credits, but you generally must act no later than April 18, 2025.
But why wait? In fact, don’t wait. Amend your 2021 tax return today, and you’ll get your money as soon as possible.
There are actually four separate credits:
1.
Credit for Sick Leave—January 1, 2021, through March 31, 2021
2.
Credit for Family Leave—January 1, 2021, through March 31, 2021
3.
Credit for Sick Leave—April ... Log in to view full article.
