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Article -Self Employed Tax Credit (SETC) Information
What is The Self-Employed Tax Credit Refund(SETC)?
The Self-Employed Tax Credit (“SETC”) was created by Congress in response to the COVID-19 pandemic to provide relief to sole proprietors, 1099 contractors, freelancers, single-member LLCs, gig workers, and other self-employed workers. This historic legislation recognized the financial blow dealt to self-employed Americans as a result of government ordered shutdowns, quarantine, illness, caregiving, or other income reducing events. the SETC Refund is NOT a Loan, It's NOT Taxable, and you DON"T pay it back. Call 702-513-3028 for more information.
SETC COVID-19 REFUND INSIGHT
The SETC tax credit is a provision specifically designed for self-employed professionals. It offers a tax refund for those who experienced a decrease in income due to the pandemic. It incorporates two main components: the qualified sick leave amount and the qualified family leave amount.
This flexibility enables the SETC tax credit to cater precisely to your circumstances, offering support tailored to your specific needs.
This financial assistance functions as income protection for taxpayers who are unable to work due to COVID-19, similar to the family sick leave benefits offered to employees. The credit amount correlates directly with your self-employment income and the number of workdays impacted by COVID-19.
YOU DON'T PAY THE SETC REFUND BACK, AND IT'S NOT TAXABLE
Finally, Financial Relief for 1099 Workers, and the Self Employed!
- The SETC maximum available amount can reach up to $32,220.
- The credit amount correlates directly with your self-employment income and the number of workdays impacted by COVID-19.
- You will receive an ACH Deposit or Check from the IRS for the Refund.
- If you owe back taxes, the IRS will use the refund of pay off your back taxes, and pay the remainder to you. It's like writing them a check.
About Self-Employed Tax Credit Eligibility
Self Employed Status
Self Employed Status
Self Employed Status
Approximately 60M+ in the U.S.
may apply for the self employed tax credit
- Sole proprietors
- 1099 contractors
- Freelancers
- Single-member LLCs
- Gig workers
- Other self-employed workers
COVID-9 tAX cREDIT
Self Employed Status
Self Employed Status
COVID 19 Tax Credit for Self Employed
- Related symptoms
- Quarantine
- Testing
- Caregiving
- Financial relief
eLIGIBILITY CRITERIA
Self Employed Status
eLIGIBILITY CRITERIA
Eligible
- 1040 Schedule C Positive Income
- 1040 Schedule SE Positive Income
- 1065 on federal tax returns
- Tax Year 2021 (2020 data is also considered)
Ineligible
- Sorry, Sub S-Corps, True S-Corps, and C-Corps are ineligible
The Families First Coronavirus Response Act (FFCRA)
The SETC REFUND IS FOR YOUR FAMILY
The Families First Coronavirus Response Act (FFCRA) was pivotal legislation that established the SETC tax credit. Its primary aim was to alleviate economic hardships caused by the pandemic, providing support to various groups such as 1099 workers, sole proprietors, and independent contractors.
SOLE PROPRIETORS, 1099 WORKERS, INDEPENDENT CONTRACTORS
Under the FFCRA, self-employed individuals eligible as sole proprietors , 1099 workers, and independent contractors sick or family leave, equivalent to what employees would receive under qualified family leave.
you should apply
Self-employed individuals who have reported positive net income on IRS Form 1040 Schedule C OR Schedule SE qualify to apply.
- No Cost to Apply
- No Tax Forms to Upload
- Refund is yours to keep
- Refund is NOT taxable
- Call Linda at 702-513-3028