How it helps
Self-employed individuals are required to pay self-employment taxes, usually quarterly. The CARES act, however, allows employers to delay these types of payroll taxes, and the self-employed are no exception: you can defer half of your self-employment taxes for over a year. These deferred taxes are required to be repaid over the next two calendar years—one half by December 31, 2021, and the other by December 31, 2022.
How to get it
Specific requirements for tax filings are still pending from the IRS. For more information, check the IRS Coronavirus page below and contact your accountant or tax preparer to discuss the options available.
IRS coronavirus tax guidance