Social Security Deferral for Self-Employed Individuals

For tax year 2020 ONLY:

Can I defer paying my taxes?

Under Section 2302 of the CARES Act, a self-employed individual is able to defer 50% of the payment of Social Security Tax imposed on their net earnings from self-employment income. 

However, there are rules. 

1. The income must have been earned between March 27th and December 31, 2020, and
2. The tax must be paid back. Half of the deferred taxes are to be paid back by December 31, 2021, and the other 50% of taxes is to be paid back by December 31, 2022.

Note: Only half of the Social Security Tax may be deferred. Income and Medicare Tax are not permitted to be deferred.