An Introduction Guide: The Families First Coronavirus Response Act (FFCRA) is a critical legislation designed to address the challenges brought about by the COVID-19 pandemic. With its aim to support self-employed individuals during this unprecedented time, understanding the FFCRA is crucial. In this blog, we’ll be able to give you a high-level understanding of the FFCRA, providing you with the information needed to navigate its complexities.
Overview of the FFCRA: The FFCRA builds upon the existing Family and Medical Leave Act (FMLA) and introduces new provisions to accommodate the unique circumstances created by the pandemic. By understanding its purpose and significance, individuals can better grasp how it impacts self-employed individuals.
• Emergency Paid Sick Leave: Under the FFCRA, eligible self-employed individuals are granted Emergency Paid Sick Leave for specific COVID-19-related situations.
• Expanded Family and Medical Leave: The FFCRA also expands upon the Family and Medical Leave Act, providing additional support to self-employed individuals facing certain challenges due to the pandemic to care for their loved ones.
So what does this all mean for me? If you received income as a self-employed person in 2020 or 2021 and had to care for yourself or a loved one due to COVID-19, you may qualify for up to $32,220 as a tax return credit.
Maximize your FFCRA Tax Return Credit with Nagel and Associates: To ensure that you are maximizing the benefits of the FFCRA, especially in terms of tax return credits, we recommend seeking assistance from Nagel and Associates. As experts in navigating and optimizing FFCRA tax credits, we provide personalized guidance tailored to your specific situation. Contact Nagel and Associates today to benefit from their extensive expertise and make the most of your FFCRA tax return credit.