- Filing is so easy and could mean thousands in your pocket.
The SETC is a specialized tax credit designed to provide support to self-employed individuals during the COVID-19 pandemic. It acknowledges the unique challenges faced by those who work for themselves, especially during times of illness, caregiving responsibilities, quarantine, and related circumstances. This credit can be a valuable resource for eligible individuals to help bridge financial gaps caused by unforeseen disruptions.
Understanding the unique circumstances that self-employed individuals face, we've partnered with Anchor Accounting Service to ensure that you don't miss out on this invaluable opportunity. Whether you're a self-employed business owner, a 1099 subcontractor, or a family-centric small business, the SETC holds the potential to bridge the gap left by more traditional forms of support.
Almost everybody with schedule C income qualifies to some extent.
Self-Employed Status:
If you were self-employed in 2020 and/or 2021, you could potentially qualify for the SETC. This includes sole proprietors who run businesses with employees, 1099 subcontractors, and single-member LLCs. If you filed a "Schedule C" or a Partnership (1065) on your federal tax returns for 2020 and/or 2021, you're on the right track.
COVID Impacts:
Whether you battled COVID, experienced COVID-like symptoms, needed to quarantine, underwent testing, or cared for a family member affected by the virus, the SETC could be your financial relief. If the closure of your child's school or daycare due to COVID restrictions forced you to stay home and impacted your work, we're here to help.
Important Note:
Sub S or True S Corps / C Corps are not eligible for the SETC. This unique tax credit is exclusively available to business owners who filed a "Schedule C° or a Partnership (1065) on their federal tax returns for 2020 and/or 2021 When you're ready to apply, you'll need a few tax documents, the dates) that qualify you, and two completed documents from Gig Workers. Details about all of these documents can be found on your Gig Workers portal.
We will need to file an amendment on your tax return. We do this all the time. All we require from you is a copy of your 2019, 2020 and 2021 tax returns and a copy of your drivers license and we’ll handle the rest.
The Sick and family Leave tax credit for self-employed and 1099 workers is for eligible self-employed individuals or independent contractors.
Under the FFCRA, eligible self-employed individuals or independent contractors could claim a refundable tax credit against their income tax liability for up to 100% of the qualified sick and family leave equivalent amounts, subject to certain limitations, if they were unable to work or telework due to COVID-19-related reasons.
The qualified sick leave equivalent amount was the lesser of either $511 per day or 100% of the average daily self-employment income for each day an individual was unable to work or telework because they were subject to a quarantine or isolation order, had COVID-19 symptoms and were seeking a medical diagnosis, or were caring for someone who was subject to a quarantine or isolation order or who had COVID-19 symptoms.
The qualified family leave equivalent amount was the lesser of either $200 per day or 67% of the average daily self-employment income for each day an individual was unable to work or telework because they needed to care for a child whose school or place of care was closed due to COVID-19.
To claim the tax credit, eligible self-employed individuals or independent contractors would report the qualified sick and family leave equivalent amounts on their 2019, 2020 or 2021 tax return, depending on when the leave was taken.
For the most part, all we require is your 2019, 2020 and 2021 tax return including your schedule C and a copy of your drivers license for identification.
Our fee schedule is really simple. This is to cover our costs for filling out all the paperwork and securing your refund from the IRS.
Then once you receive your refund from the IRS, an additional 20% of your refund amount is then due AFTER you receive your refund.
That’s it! No small print or hidden charges whatsoever.
Not at all. We basically have an agreement letter on our website that you’ll need to read, sign and date. You will also need to upload a copy of your 2019, 2020 and 2021 tax returns and a copy of your drivers license. That’s basically it.
We try to make the process as easy and stress free as we can for you. Once we have your tax returns we’ll take over and get everything filed for you.
Yes. This tax credit is for self-employed individuals, small business owners, freelancers, and 1099 contractors only.
There are a few factors that go into calculating your tax credit refund amount. The biggest factors would be:
To be honest, once we receive the necessary paperwork from you, we will begin to work on your case and get all the forms filed, etc. it is then up to the IRS to send you your refund directly to you.
We find for the most part that it usually takes 12-16 weeks to complete the process and receive your cash refund.
Absolutely. You can contact us via support@filemysetc.com. We’re happy to talk to you and answer any questions you may have.