Calling all independent contractors and self-employed business owners! The Families First Coronavirus Response Act (FFCRA) was passed by Congress in April 2020 to provide financial support for self-employed individuals (sole proprietors, 1099 contractors, freelance workers, etc.). If you couldn’t work (including teleworking) due to certain COVID-19-related reasons, the FFCRA gives you a special credit to help out for missed earnings during those challenging times.
- Were you self-employed or a 1099 contractor in 2020 or 2021?
- Did you report net earnings on your Schedule SE?
- Did you ever miss work because you or a family member were impacted by COVID-19? (See full list below of “IRS Guidelines for Qualifying Care”)
If you answered “Yes” to all of these questions, you may be entitled to a refundable tax credit and Figure Financial is here to help. We’ve designed a simple application process to estimate your tax credit, as follows:
- Complete a questionnaire to give us the dates you missed work due to qualified reasons and provide us copies of your 2019, 2020, and 2021 tax returns.
- Sign an agreement and pay a small deposit to have our tax experts calculate your exact qualified credit.
- We’ll review our findings with you, have you sign your amended return, and pay your filing fee.
- We’ll get the return filed and monitor its status with the IRS until your credit is issued.
IRS Guidelines for Qualifying Care (Self, Child, or Others):
- You were subject to a federal, state, or local quarantine or isolation order related to COVID-19.
- You were advised by a health care provider to self-quarantine due to concerns related to COVID-19.
- You were experiencing symptoms of COVID-19 and seeking a medical diagnosis of COVID-19.
- You were seeking or awaiting the results of a diagnostic test for, or a medical diagnosis of, COVID-19.
- You were exposed to COVID-19 or were unable to work pending the results of a test or diagnosis.
- You were obtaining immunization related to COVID-19.
- You were recovering from any injury, disability, illness, or condition related to such immunization.
- You were caring for an individual who was subject to a federal, state, or local quarantine or isolation order related to COVID-19.
- You were caring for an individual who had been advised by a health care provider to self-quarantine due to concerns related to COVID-19.
- You were caring for a son or daughter because the school or place of care for that child was closed or the childcare provider for that child was unavailable due to COVID-19 precautions.
- You were accompanying an individual to obtain immunization related to COVID-19.
- You were caring for an individual who was recovering from any injury, disability, illness, or condition related to the immunization.
