Self-employed individuals may qualify for significant tax credits from the US government and can get funding in as little as 3 days with zero risk.
- 💰00:00 Self-employed individuals may qualify for up to $32,220 in tax credits from the US government, created to help those who experienced financial hardships during the 2020 and 2021 tax seasons.
- 💰01:33 Get funding in as little as 3 days by filling out a short form on our website and our team will work on your behalf with a zero risk guarantee.
- 💰02:00 You only pay if we get you the tax credits you’re entitled to, and we’ll work with you to settle on a reasonable fee based on your circumstances.
Introducing the Self-Employed Tax Credit (SETC): Support for Self-Employed Individuals During COVID-19
The Self-Employed Tax Credit (SETC) is a specialized tax credit designed to provide financial support to self-employed individuals who faced challenges during the COVID-19 pandemic. This credit recognizes the unique difficulties faced by those who work for themselves, particularly during periods of illness, caregiving responsibilities, quarantine, and other related circumstances. It aims to bridge the financial gaps caused by unforeseen disruptions.
Eligibility Requirements
To qualify for the SETC, you must have been self-employed in 2020 and/or 2021. This includes sole proprietors, 1099 subcontractors, and single-member LLCs who filed a “Schedule C” or a Partnership (1065) on their federal tax returns.
Check Your SETC Eligibility Here at No Cost
Credit Amount
The SETC offers up to $32,220 per individual, based on their self-employed net earnings in 2020 and 2021. The IRS calculates the credit using the daily average self-employment income, which is the net earnings for the taxable year divided by 260, and the amount of self-employment work missed due to COVID-19-related issues.
Partial Utilization of Sick & Family Leave Credits
If you have already received Sick & Family Leave credits on your previous tax returns, you may still be eligible for the SETC if you did not fully utilize those credits. Not fully utilizing means either not listing the most beneficial self-employed income or listing fewer COVID days than the actual number for the years 2020 or 2021.
Eligibility for W2 Employees
If you are also a W2 employee, you may still be eligible for the SETC as long as you earned self-employment income in addition to your salary. However, if your employer filed for FFCRA credits on your behalf, you may need to decrease the credit for the FFCRA wages paid.
Seeking Professional Advice
To claim the SETC, it is highly recommended to consult with a tax professional or visit GigWorkersSolutions.com for personalized advice tailored to your unique circumstances. They can assist you in filing your amended tax return online and guide you through the process.
Disclaimer
The information provided in this communication is for general purposes only and should not be considered tax advice. Tax laws and regulations are complex and subject to change, so it is essential to consult with a qualified tax professional or refer to the official IRS website for the most up-to-date information and guidance.
The accuracy and completeness of the information provided cannot be guaranteed, and we assume no liability for any errors or omissions. It is your responsibility to verify the accuracy of any information before taking any action based on it.
By using this information, you agree to hold harmless the provider of this communication from any and all liability arising from your use of the information provided.
Please note that while this information provides general guidance, it is always best to consult with a tax professional to ensure accuracy and to address any specific questions or concerns you may have.
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