01 Dec Are you missing a big IRS refund as self employed
The Family First Coronavirus Response Act provides for big refundable tax credit for Sick Leave and Family Leave for certain self employed individuals. It is not too late to avail of this refundable tax credit even if you have already filed your tax returns. We can help you amend your tax return to avail yourself of this credit. You may be able to claim a refundable tax credit of an average of $7000 or a maximum of $32.000 depending on your net earnings.
To figure refundable qualified sick and family leave equivalent credits if you were unable to perform services as an eligible self-employed individual due to certain COVID-19 related circumstances between January 1, 2021, and September 30, 2021 you need to use Form 7202. This credit is available if you are an eligible individual who was unable to work or had to care for family members due to the coronavirus (COVID-19).
The form is broken down into two portions: qualified sick leave and qualified family leave for self-employed individuals.
- The “qualified sick leave“ equivalent amount is the lesser of the following:
- 100% of the average daily self-employment
- Income or
- $511
- Taxpayer can elect to use 2020 self-employment income to calculate average daily self-employment income
- The maximum number of days that this credit can be taken is 10 (minus any days already claimed in 2020) during the first benefit period and 10 during the second benefit period.
- The “qualified family leave” equivalent amount is the lesser of the following:
- 67% of the average daily self-employment income, or
- $200
- As with sick leave, Taxpayer can elect to use 2020 self-employment income to calculate average daily self-employment income
- The maximum number of days that this credit can be taken is 50 (minus any days already claimed in 2020) during the first benefit and 60 during the second benefit period.
Note: If you are a self employed and need more information about this benefit you may schedule a consultation with our CPA and Attorney. The above information is for educational presentation only and not a legal advice.
BREAKING NEWS
Stampless entry at SFO. SJC and OAK ports
Effective October 1, 2022, the CBP will adopt the stampless entry on all incoming travelers. If you want a stamp on your passport you should request the CBP officer.
New Regulation will make it easier to immigrate
The Biden Administration will release a regulation by December 2022, making it easier to immigrate for people who have taken public benefits. The public charge under Trump era will be revised significantly.
N-400 Application for Naturalization
The USCIS is now giving priorities to application for naturalization . The reason is obviously to allow qualified immigrants to vote in the coming midterm and presidential election. There are cases when the waiting time is only six months compared to prior years. Pres. Biden is encouraging all qualified to file for naturalization. This is a rare opportunity that all qualified should take advantage of.
DACA reinstated
Pres. Biden reiterated to renew the DACA processing as of August 31, 2022
Arrest and removal of undocumented is now up to the discretion of ICE officer
US Supreme Court did not allow Pres. Biden to overturn the immigration policy of Trump with regards to priority in arrest and removal. With increasing migrants at the border White House is now requiring ICE to deport more migrants under political pressure. It is now a decision to be made by the ICE officer which could include arrest of anyone who is undocumented. It is time to work on your green card now.
CLAIM FOR UNPAID WAGES
We help our clients recover from employers unpaid minimum wage and overtime. Undocumented workers are qualified to apply.
CAR ACCIDENTS
Our Law Firm successfully settled a car accident for $675.000.
FAMILY LAW
We also handle uncontested DIVORCE.
INCOME TAX PROBLEMS
We can help you if you are under IRS audit, need a representation with IRS, need to reduce your tax liability or need to offer a payment plan to IRS,
SUCCESS STORIES
For the month of October 2022, we received approval from USCIS three naturalization applications, one Fiancée visa petition, two removals of condition on residence and three adjustment of status applications.
Note: If you have immigration problems write us a letter and we will reply to you with no initial obligation. The Law Offices of Crispin C. Lozano can help you find a solution before your problem gets worse which could lead to deportation and family separation. You may request a free consultation at one of our offices in Hayward or Cerritos, CA, or by phone at 1-877-456-9266. www.crispinlozanolaw.com, email at info@ccllaw.net