Greetings I'm wondering if I can get some guidance on reporting a loss of income. I'm an entertainer and all my gigs were cancelled last year due to covid. Is there a way to report this loss on my taxes as I have gotten no help so far and my saving have been depleted. Thank for any help!
Unfortunately, no. There is no provision for loss of income. There is only the case that there in no income to be taxed.
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Under the Families First Coronavirus Response Act, if you are a self employed person including those who receive a 1099-MISC or NEC, and if you were not able to work or telework due to reasons related to the coronavirus, you are eligible for this Sick Leave and Family Leave credits. You would need to file a Form 7202 to figure the amount to claim for the credits. Use part 2 of the form and elect to use your self employment income from 2019.