In the past, Uncle Sam made no special effort to help you as a self-employed individual. For example, you had no “safety net” that existed for employees who lost their jobs during the COVID-19 Pandemic. You were just supposed to "Hang On" until things got better.
But this time, with COVID-19, it’s different...
If you report your business income as Self-Employed on Schedule C of your Form 1040 or any of the following:
Receive 1099 income
Operate your business as a single-member LLC and did not elect corporate status
Operate a retail establishment or professional practice as a sole proprietor, or
Report your W-2 income on a ...
Is it “Tax-Free Money” or is it a “Loan”
Did you receive money from a lender under the existing Paycheck Protection Program (PPP)? If so, you may qualify for more tax-free money. But first, let’s clarify what’s happening. When you think of the PPP program, do you think “Tax-Free Money” or do you think “Loan”?