$36,220 Self-Employed MASSIVE Tax Credit [Don't Miss] Sick & Family Leave Tax Credit for Schedule C

Self-Employed Tax Credit IRS Form 7202. SEE HOW IT ADDs UP TO $36,220 BELOW. Know your "dates" and your tax software will do the rest! Eligible self-employed individuals are allowed a credit against their federal income taxes for any taxable year equal to their "qualified sick leave equivalent amount" or "qualified family leave equivalent amount." IT IS A REFUNDABLE TAX CREDIT. The CARES Act, Consolidated Appropriations Act and American Rescue Plan Allows for this Self-Employment Tax Credit.

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IRS Form 7202 & Instructions
https://www.irs.gov/forms-pubs/about-form-7202

SEE LINK TO IRS FAQs BELOW:

IRS Schedule SE to Find Self-Employment Earnings
https://www.irs.gov/forms-pubs/about-schedule-se-form-1040

2021 IRS Schedule 3 [TAX CREDIT CARRIES FROM IRS FORM 7202]
Line 13 b and 13 h
https://www.irs.gov/pub/irs-pdf/f1040s3.pdf

Form 1040 [SEE IF YOU GOT THIS CREDIT HERE]
Line 31
https://www.irs.gov/forms-pubs/about-form-1040

HOW IS IT CALCULATED: YOUR TAX SOFTWARE WILL DO THIS BUT...

Self-Employment Income Per Schedule SE
Divided by 260 Days (52 Weeks Multiplied by 5 Days Per Week)
THIS EQUALS YOUR DAILY SELF EMPLOYMENT EARNINGS, WHICH IS USED TO DETERMINE THE BELOW

THEN YOU GET THE LOWER OF YOUR DAILY RATE* OR THE MAXIMUM BELOW
*Two credits are then multiplied by 67%

HOW COULD IT BE $36,220, ASSUMING YOU QUALIFY FOR THE MAX EACH DAY
Self-Employed Sick Leave Tax Credit Possible
$5,110 Max 10 Days: 4/1/20 to 3/31/21 (Max $511 Per Day)
PLUS
$5,110 Max 10 Days: 4/1/21 to 9/30/21 (Max $511 Per Day)
PLUS
$2,000 Max 10 Days: 4/1/20 to 3/31/21 (Max $200 Per Day)
PLUS
$2,000 Max 10 Days: 4/1/21 to 9/30/21 (Max $200 Per Day)
PLUS
$10,000 Max 50 Days: 4/1/20 to 3/31/21
PLUS
$12,000 Max 60 Days: 4/1/21 to 9/30/21
EQUALS TOTAL IF YOU QUALIFIED FOR ALL THE ABOVE
$36,220 Max Tax Credit for the Self-Employed

IRS FAQS - SEE QUESTION 106 FOR THE SELF-EMPLOYED:
Who is an eligible self-employed individual for purposes of the qualified sick leave equivalent credit and the qualified family leave equivalent credit?
LINK
https://www.irs.gov/newsroom/tax-credits-for-paid-leave-under-the-american-rescue-plan-act-of-2021-specific-provisions-related-to-self-employed-individuals#:~:text=Eligible%20self%2Demployed%20individuals%20are,qualified%20family%20leave%20equivalent%20amount.%22

Eligible self-employed individuals are allowed a credit against their federal income taxes for any taxable year equal to their "qualified sick leave equivalent amount" or "qualified family leave equivalent amount."

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