Attention Self-Employed and 1099 Gig Workers! Have you gotten back on track yet?

Attention Self-Employed and 1099 Gig Workers! Have you gotten back on track yet?

Good news! There's $1.9 Trillion Dollar in Coronavirus Stimulus Relief available specifically for your benefit as a self-employed or 1099 worker.

- You can now enjoy a fully refundable tax credit.

- This stimulus package is authorized by the Family Medical Leave Act of 1993 and the American Rescue Plan of 2021.

- It is open to self-employed individuals, freelancers, independent contractors, and gig workers just like you.

Click Here  to see if you qualify.

The availability of tax credits can vary depending on the specific circumstances of your self-employment. 

Following is a general overview of some common tax credits that self-employed individuals may be eligible for in the United States. Please keep in mind that tax laws and regulations can change, so it's essential to consult with a tax professional or the tax authority in your jurisdiction for the most up-to-date and accurate information.

Self-Employment Tax Deduction: Self-employed individuals can deduct the employer-equivalent portion of their self-employment tax when calculating their adjusted gross income. This can help reduce the overall tax liability.

Earned Income Tax Credit (EITC): Depending on your income and family size, you may be eligible for the Earned Income Tax Credit, which is designed to assist low to moderate-income individuals and families.

Health Coverage Tax Credit: If you're eligible, this credit can help cover the cost of health insurance premiums for you, your spouse, and your dependents. Eligibility criteria may include being a recipient of Trade Adjustment Assistance, receiving pension payments from the Pension Benefit Guaranty Corporation, or having specific alternative TAA benefits.

Child and Dependent Care Credit: If you're self-employed and have children or dependents for whom you pay for care while you work, you may be eligible for a tax credit to help cover those expenses.

Retirement Savings Contributions Credit (Saver's Credit): The Saver's Credit provides tax incentives for low and moderate-income individuals who contribute to retirement savings plans, such as IRAs and 401(k)s.

Home Office Deduction: If you use a portion of your home exclusively for your business, you may be able to deduct certain expenses related to your home office, such as a portion of your rent or mortgage interest, utilities, and maintenance costs.

Education Credits: Depending on your situation, you might qualify for education-related tax credits, such as the American Opportunity Credit or the Lifetime Learning Credit, if you're pursuing higher education.

To determine your eligibility for these and other tax credits, it's essential to maintain accurate records of your income and expenses and consult with a tax professional or use tax software to ensure you're taking full advantage of available credits. Tax laws are complex and can change, so staying informed about current regulations is crucial to make the most of available tax benefits.

Click Here to answer a few questions to see if you qualify for the Self Employed Tax Credit set aside specifically to help self employed personnel recover from the Coronavirus pandemic.