Webinar: Form 7202 (Recording)
Association Of Black Tax Professionals hosted a Live Webinar “Form 7202 Masterclass” conducted by our Texas Ambassador, Ambrea Lacy. During the webinar, she provided a step-by-step breakdown of how to properly calculate the Sick Leave and Family Leave Calendar Days. Below is additional information as it relates to this new tax credit.
*New Tax Credit: Form 7202 is used to calculate Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals.
*Per the 7202 Eligible self-employed individuals are entitled to claim an income tax credit for qualified sick and family leave.
*Form 7202 is broken down into two portions: qualified sick leave and qualified family leave for self-employed individuals.
Who is eligible?
In order to be an eligible self-employed person the following must apply:
You are conducting a trade or business as a self-employed individual and;
You would be eligible to receive paid sick leave under the Emergency Paid Sick Leave Act if you were an employee of an employer, other than yourself and/or;
You would be eligible to receive paid family leave under the Emergency Family and Medical Leave Expansion Act if you were an employee of an employer, other than yourself.
ABTP Disclaimer: The live webinar presentation provided is furnished for educational purposes only. Upon purchase and registration, you agree that the use of this information is at your own risk and can not hold ABTP harmless from any and all liabilities.