Part of the CARES Act
Each adult will receive $1,200 ($2,400 for couples) in relief and $500 per child. Relief payments are based on your adjusted gross income reported on your 2019 tax return. Some ineligible payments include children of the age of 17-18 years old, college students between 19-23 years old, dependent adults, etc. There are other ways to be ineligible which you can find in the links below.
- Self-employed people do not qualify for state employee benefit programs, unemployment, paid sick leave, or family medical leave
- The Families First Coronavirus Response Act allows the self-employed special sick leave and family leave tax credits if one qualifies
- The first estimated tax payment for self-employed people has also been extended from April 15th to July 15th
- Washington state is allowing special enrollment to obtain the Affordable Care Act for independent contractors
The deadline for tax payments and filing was pushed to from April 15th to July 15th. If you still need more time, you can file for an extension which will give you until October 15th to file. Between July and October, you must still make tax payments if you get an extension or you will be penalized (only if you owe taxes).
Learn more about relief for independent contractors from Stephen Fishman.
Additionally, you can learn more about the stimulus package from Howard Gleckman.
Lastly, learn more about our services here!