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In 2024, it’s not too late to claim certain pandemic-era, self-employed tax benefits. If you worked for yourself and faced illness, quarantine, or childcare challenges during the pandemic, we have some great news.
The Qualified Sick & Family Paid Leave Wage Credits program allows you to claim a significant tax break for the weeks you didn’t work. This credit will be available through 2024 through amended tax returns.
What Are Qualified Sick & Family Paid Leave Wage Credits?
The federal government created the Qualified Sick & Family Paid Leave Wage Credits program through the Families First Coronavirus Response Act (FFCRA) in 2020. It later added additional credits through the American Rescue Plan (ARP) in 2021.
To qualify for these credits, you need to be a self-employed individual or sole proprietor. You also must have missed work in 2020 or 2021 because of quarantine, illness, childcare, or vaccinations.
This program allows you to gain up to 26 weeks of paid leave or $32,220 per individual. While most people won’t qualify for the maximum amount, you may be eligible for a larger sum than you think. If you were quarantined due to positive COVID tests, or if childcare challenges got in the way of work, that time can count toward your credit eligibility.
In most cases, the IRS will refund you for the 2020 and/ or 2021 tax credits they owe you via check. However, if you have any outstanding tax liabilities, some or all of the refund will go toward offsetting your tax balance.
How to Apply For Your Tax Credit
The deadline to amend your tax return and claim or adjust Qualified Sick & Family Paid Leave credits is three years from the original due date of the return. For the Qualified Sick & Family Paid Leave wage credits, the deadline for amending your 2020 tax return is April 15, 2024, and for your 2021 tax return, it is April 15, 2025.
At LG Resources, we simplify the process for you. Our team of experienced professionals specializes in self-employed COVID-19 tax credits. Here’s a step-by-step guide:
1. Complete the Eligibility Questionnaire.Find out if our program can help you gain a tax break by completing a simple eligibility questionnaire.
2. Upload Your Documents.Our experts will use the information you provide to calculate your potential credit. We keep the process as hassle-free as we can.
3. File Your Amended Tax Returns.We help you file your amended returns with the IRS. All you have to do is wait for your tax refund check.
Why Work With LG Resources?
LG Resources has an experienced, professional team that is dedicated to supporting self-employed individuals. Our team has worked on hundreds of pandemic-era tax credit claims. With our efficient processes, we can help you get your claim filed as quickly as possible.
If you work with LG Resources, there’s no cost to you until you know exactly how much refund you are owed. The cost to file your amended returns with us is $2,000.
Don’t miss out on potentially large tax savings! Take control of your financial future by exploring the opportunities to maximize your 1099 returns through this and other tax credit programs.
Whether you faced challenges during the pandemic or want to ensure you’ve claimed all the credits you are eligible for, LG Resources is here to guide you through the process.
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