Welcome to Your Self-Employment Tax Credit Guide
While many are familiar with the Employee Retention Tax Credit (ERC) as a pivotal support mechanism during COVID-19, it didn't extend to all business models. That's where the Self-Employment Tax Credit (SETC) steps in. Crafted for self-employed professionals, freelancers, and small business operators who didn't qualify for the ERC, the SETC offers essential financial relief for navigating the pandemic's economic impact. Dive into how the SETC provides a unique opportunity for those directly affected by COVID-19, ensuring the self-employed sector also benefits from dedicated support.
About SETC
The Self-Employed Tax Credit/Refund (SETC), also recognized as the Sick & Family Leave Act Tax Credit, delivers crucial financial assistance to individuals affected by COVID-19. Specifically tailored for those ineligible for the Employee Retention Tax Credit (ERC), the SETC extends a helping hand with up to $32,220 to bolster your business amidst adversity. This program is particularly aimed at self-employed individuals, freelancers, and independent contractors who faced operational disruptions due to illness, caregiving responsibilities, or mandatory quarantines. If you've navigated the challenges of maintaining business continuity or incurred unexpected expenses because of the pandemic, you're likely within the scope of beneficiaries this credit seeks to support.
Do you file a Schedule C on your Federal Returns
You may qualify if you are:
Filing a 1099 Tax Form
A Sole Propertorship
A Single Member LLC
Could You Be Eligible?
Discover Assistance Opportunities for Business Owners Impacted by COVID-19
During the pandemic, countless individuals, particularly self-employed business owners, were directly affected by COVID-19. Many faced illness, symptoms, or quarantine requirements, disrupting their ability to work. Additionally, the responsibility of caring for family members with COVID-19 or managing without childcare due to closures further impacted their business operations. This program aims to assist those who encountered these challenges.
Who Could Benefit.
This overview showcases SETC's reach, aiding gig workers, real estate agents, digital creators, and tradespeople amidst the pandemic. It offers crucial relief to freelancers and others affected by COVID-19, emphasizing the tax credit's pivotal support for diverse professional backgrounds during economic uncertainties.
Start Your Application
Step 1:
Click on the "Apply Here" button anywhere on the page to begin your path to financial support. Navigate through a detailed questionnaire divided into 6 sections, each crafted to assess your eligibility for the Self-Employed Tax Credit/Refund (SETC). Discover the potential to secure a refund up to $32,220.
Step 2: Document Submission
Following the questionnaire, you'll need to submit your Federal Tax Returns for 2019, 2020, and 2021. This step is crucial, as it enables our team to thoroughly review your Schedule C’s and Schedule SE’s, alongside other vital information, to accurately determine the tax credit you may be eligible for.
For your privacy, you're advised to conceal sensitive details like Social Security or EIN numbers on these documents. It's essential, however, to upload complete federal tax returns, not just specific schedules.
Streamlining Your Application
Designed to simplify the preliminary steps, this section ensures a smooth and effective process for claiming your SETC. We aim to provide clarity and ease as you proceed through these initial stages, paving the way for a successful application.
Assessment and Potential Outcomes
Step 3: Evaluating Your Refund
After we receive your application and tax documents, our team will begin assessing your eligibility and calculating your potential refund. Typically completed within 10 days, this process may vary in duration based on the complexity of your case. You'll be informed of the results via email.
Step 4: Exploring the Outcomes
- Outcome A: Regrettably, you might not meet the criteria for the SETC.
Outcome B: Should you be eligible for a refund under $2,000, our operational model prevents us from facilitating these smaller claims.
- Outcome C (The Ideal Outcome): If you're eligible for a refund of $2,000 or more, we're excited to help you through the claim process.
Next Steps for Approved Applicants
Step: 5 Service Agreement
Applicants qualifying for a refund over $2,000 will be partnered with a customer service representative who will guide you through subsequent steps, including the e-signing of our service agreement. This document grants us permission to compile the required documents for your SETC claim.
Step: 6 Preparing Your Documents
Once the service agreement is signed—detailing our fee at 20% of your obtained SETC refund, payable after receipt—you will be furnished with the necessary filing documents. These require your signature in ink and must be sent back to our office promptly.
Filing and Anticipation
Upon receiving your signed forms, we promptly submit them to the Treasury within 48 hours and provide you with a tracking number. The government's review typically takes 3 to 5 months.
No Initial Fees Necessary
A Transparent Approach: Our services require no upfront payment. Our fee is based on the success of your SETC refund claim, reinforcing our dedication to transparency and your satisfaction.
