What Is The FFCRA Tax Credit — Families First Coronavirus Response Act? In December 2020 Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act which expanded the FFCRA to cover self-employed individuals, freelancers, independent contractors, and gig workers — making you now eligible for "immediate refund" tax credits. The Government is now paying you back for the time you lost earning money because of the COVID pandemic. We’ll take care of amending your tax returns and submitting your application to the IRS, so you can get back to doing what matters most: growing your business. If You Are Self-Employed, a 1099 Contractor, a Freelancer, or a Small Business Owner If you're self-employed, a 1099 contractor, a freelancer, or a small business owner and file a 1040 tax return with attached schedule C and your business was affected by the COVID-19 pandemic in 2020 and/or 2021. Book an Appointment with our team to find how much refund you could expect to receive from the IRS. The Families First Coronavirus Response Act (FFCRA) was passed in 2020 and was one of the earliest pieces of legislation designed to help small business owners afford the sick leave their employees had to take because of COVID-19. The FFCRA originally focused only on employees of certain small businesses but had been expanded in 2021 to cover US citizens who were self-employed during the COVID-19 pandemic and suffered losses in business due to lockdowns or illnesses for themselves or family members. Self-employed individuals are eligible for FFCRA credit if they are out of work (or telework) due to government quarantine orders, self-quarantine, COVID-19 symptoms and seeking medical diagnosis. The credit is calculated by multiplying the number of days on leave and taking whichever amount is smaller: Your average daily self-employment income of year or: $511. If you are unable to work (or telework) to take care of a family member who is under quarantine or to take care of a child whose child care is unavailable, you are still eligible for this credit. The credit is calculated by multiplying the number of days on leave and taking whichever amount is smaller: ⅔ of your average daily self-employment income or : $200. We will use line 6 of the Schedule SE on your personal tax return to determine your annual pay, that is then divided by 260 (Considered the standard amount of working days in a year) to calculate your daily rate. https://mlmscores.com/singleblog.php?q=Finance-Pro-Plus&uid=5524