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Can I apply for the tax credits for aid leave under American Rescue lan Act of 2021 for self employed?

It is a credit in the case you took care of someone during covid.
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MonikaK1
Expert Alumni

Can I apply for the tax credits for aid leave under American Rescue lan Act of 2021 for self employed?

Assuming you are referring to the American Rescue Plan Act of 2021, yes, the Act did have specific provisions related to self-employed individuals. Please see this IRS FAQ webpage for more information.

 

An eligible self-employed individual for purposes of the qualified sick leave and family leave equivalent credits is defined as an individual who regularly carries on any trade or business within the meaning of section 1402 of the Code, and would be eligible to receive qualified sick leave wages or qualified family leave wages that would have satisfied the requirements of the EPSLA or Expanded FMLA, as amended for purposes of the ARP, if the individual were an employee of an Eligible Employer (other than the self-employed individual) that would have been subject to the requirements of the EPSLA or Expanded FMLA, as amended for purposes of the ARP.

 

Eligible self-employed individuals are allowed a credit against their federal income taxes for any taxable year equal to their "qualified sick leave equivalent amount" or "qualified family leave equivalent amount."

 

The period of time to which the credits apply was from April 1, 2021 through September 30, 2021.

 

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