The IRS warns taxpayers about scams promoting a self-employment tax credit. There is no such thing. This erroneous credit is being promoted on social media, suggesting there’s a credit up to $32,000. Scamsters conflated the credits for sick leave and family leave that were created for COVID relief in 2019 and 2020 into a non-existent self-employment tax credit. Reality: Self-employed individuals can deduct one-half of their self-employment tax. That’s all. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
Subscribe and download our eBook, "150+ Tax Deductions for Small Business A to Z."
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