In this video I discuss the Self Employed TAX CREDITS (Sick Leave Credit & Family Leave Credit). New and specific to your 2020 self employed tax return there are two new tax credits that you might be able to take advantage of - the Sick Leave Tax Credit & Family Leave Tax Credits - IRS Form 7202. These tax credits for self employed people are based on your Average Daily Revenue which can be calculated by looking at either your 2019 Schedule C OR your 2020 Schedule C - which you should have nearby if you've been applying for PPP Round 2 either as a 1st time applicant OR a 2nd time applicant.

This is a follow up video to my other video regarding 10 Self Employed Tax Credits and Tax Deductions: ➡️ 10 Self Employed Tax Write-Offs:    • 10 Self Employed Tax Deductions and C...  
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➡️ Share this video with a friend:    • Sick and Family Leave TAX CREDIT (Sel...  
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Time Stamps and Chapter Links
0:00 - Intro
2:15 - Sick Leave TAX CREDIT
3:13 - Family Leave TAX CREDIT
4:32 - Sick Leave Tax Credit Eligibility
5:17 - How to Claim Sick and Family Leave Tax Credit ( form 7202 )
6:01 - Sick and Family Leave Tax Credit Eligibility
11:02 - Sick Leave & Family Leave Tax Credit UPDATES
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Here are the links to IRS website....
IRS - Section #63 (last sentence): https://www.irs.gov/newsroom/special-...

IRS How to Substantiate: https://www.irs.gov/newsroom/how-shou...

IRS Form 7202 (draft): https://www.irs.gov/pub/irs-dft/i7202...

Hope you enjoy the video and find a nugget or two of information to help you on your financial planning journey.
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ABOUT ME 👇

I've been involved in people's financial decisions for 15+ years (7 yrs Real Estate experience & 8+ yrs as a former Financial Advisor)...I now bring the financial successes, mistakes, failures, and best financial habits/tips to you through these videos.

My mission is to bring Financial Awareness to the forefront of your daily decisions so you can: improve your quality of life, increase your net worth, and grow upon your financial literacy. My videos are a reflection of my real-world experience as a real estate investor, stock market investor, student of finance, entrepreneur, and of course...my experience as a Former Financial Advisor.

This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort in every video that I make. I also believe in complete transparency and open communication with my audience.

Subscribe if you are interested in:
#SickLeaveTAXCREDIT
#Form7202
#FamilyLeaveTAXCREDIT

DISCLAIMER: I am not a financial adviser or a certified public accountant. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.

AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion.