San Rafael, CA – June 22, 2023 – Tax expert Murray Bradford is urging individuals and corporations to seize the opportunity and claim their missed 2021 COVID sick and family leave credits. Published in the June 2023 issue of Tax Reduction Letter, “Claim Your Missed 2021 COVID Sick and Family Leave Credits Today”, Bradford explains how taxpayers can amend their returns to potentially qualify for up to $32,220 in refundable tax credits. The article can be found at https://bradfordtaxinstitute.com/Content/Claim-Your-Missed-2021-COVID-Sick-and-Family-Leave-Credits-Today.aspx.
The article delves into the eligibility criteria and rules for claiming the credits, highlighting the importance of taking action now to maximize the potential benefits. With detailed explanations and examples, Bradford guides readers through the process of amending their tax returns and provides valuable insights into the various COVID-19-related reasons that qualify for the credits.
Self-employed individuals who were unable to perform services due to COVID-19-related reasons from April 1, 2021, through September 30, 2021, can claim a maximum credit of $511 a day for up to 10 days. Additionally, for this period, taxpayers could qualify for up to 60 days at $200 a day for the same reasons.
Taxpayers qualify for the tax credit if they were subject to a federal, state, or local quarantine or isolation order related to COVID-19; if a health care provider advised them to self-quarantine due to concerns related to COVID-19; if they were experiencing COVID-19 symptoms and seeking a medical diagnosis; if they were seeking or awaiting the results of a diagnostic test for, or a medical diagnosis of, COVID-19; if they were exposed to COVID-19 or were unable to work pending the results of a test or diagnosis; if they obtained immunization related to COVID-19; or if they were recovering from any injury, disability, illness, or condition related to such immunization.
Corporations may also be eligible for these credits. If the employer corporation paid wages while the employee was not working due to COVID-19, the corporation may qualify for sick or family leave tax credits.
For individuals who missed claiming these credits on their 2021 tax returns, an amended return can be filed using IRS Form 7202 for self-employed individuals or Form 941-X for corporations.
Bradford notes that when claiming these credits taxpayers can’t double-dip on the benefits. Meaning, the credits are not available on self-employed income or employee wages taken into account for the Paycheck Protection Program (PPP), the employee retention credit (ERC), and similar programs.
For more information about claiming missed 2021 COVID sick and family leave credits, please visit “Claim Your Missed 2021 COVID Sick and Family Leave Credits Today” at https://bradfordtaxinstitute.com/Content/Claim-Your-Missed-2021-COVID-Sick-and-Family-Leave-Credits-Today.aspx.
About Murray Bradford, CPA
Murray Bradford, CPA, is a tax expert with extensive experience in devising and implementing strategies to minimize taxes for small businesses. As the publisher of the monthly Tax Reduction Letter, Bradford shares his expertise with a wide audience. Through his website, the Bradford Tax Institute, tax professionals and business owners can access a wealth of valuable resources, including an archive of over 1,500 articles containing tax-saving strategies.
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