Understanding the Self-Employed Tax Credit (SETC) Did you know that the government has set aside billions in tax credits for self-employed individuals impacted by COVID-19 disruptions? In fact, an estimated $1,000,000,000 has already been paid to people just like you. ...
eligible self-employed individuals or independent contractors could claim a refundable tax credit against their income tax liability for up to 100% of the qualified sick and family leave equivalent amounts, subject to certain limitations, if they were unable to work or telework due to COVID-19-...
The CARES Act provides a couple of tax benefits for the self-employed. First is the option to defer paying the Social Security portion of self-employment tax. Social Security represents 12.4% of self-employment tax; the rest consists of Medicare taxes. The CARES Act rules would let you put ...
If you are a small business impacted by COVID-19, including self-employed and independent contractors, you have hopefully been following the developments of thePaycheck Protection Program(PPP) and theEconomic Injury Disaster Loan Emergency Advance(EIDL) being rolled out by the Small Business Administr...
For most respondents becoming formally self-employed was not worth the risks related to loss of income from tax credits/benefits and the uncertainty of their self-employed income. Five women who used to operate formally, but now undertake cash-in-hand work, substantiate these fears, revealing som...
While stocking up on food from grocery stores is important, so its supporting your favorite restaurants with food delivery and take-out orders that want to stay in business and keep workers employed. Buying gift cards is also a way to help show your support. 36. Remember to buy pet food ...