In accordance with the guidelines outlined by the IRS and tax legislation.
Let's verify and confirm your eligibility for the SETC Tax Credit
All our checks are conducted by our qualified tax professionals for a low cost of $50.00
Self-employed individuals
Self-employed individuals
A sole proprietor
A sole proprietor
A single- member LLC
A single- member LLC
Self-employed individuals
Self-employed individuals
What's SETC?
The Self-Employed Tax Credit (SETC) is a tailor-made tax incentive crafted to offer assistance to self-employed individuals dealing with the challenges posed by the COVID-19 pandemic.
It recognizes the distinct hurdles encountered by those who are their own bosses, particularly when faced with illness, caregiving duties, quarantine, and related situations.
DO YOU SATISFY THE BASIC REQUIREMENTS?
Eligibility Criteria
Self-Employed Status
Self-Employed Classification If you operated as a self-employed individual in either 2020 or 2021, this includes:
- Sole proprietors managing businesses with employees
- 1099 subcontractors
- Single-member LLCs
- Individuals who submitted a "Schedule C" or a Partnership (1065) on their federal tax
- Returns for either 2020 or 2021
COVID's Effects
The Employee Retention Credit (SETC) serves as a vital lifeline for individuals who have been directly or indirectly impacted by the far-reaching effects of the COVID-19 pandemic.
- COVID Symptoms
- Quarantine
- Testing
- Caregiving
- Financial Relief
Important Notice
Here are the key points related to the eligibility criteria for the SETC:
- Eligible Taxpayers:For those who reported income via "Schedule C" or Partnership (1065) on federal tax returns.
- Tax Years: Eligibility depends on 2020 and/or 2021 tax returns.
- Ineligible Entities: Sub S Corps, True S Corps, and C Corps are ineligible for the SETC
Zero-Risk Assurance
Our unwavering commitment is to deliver outstanding service and ensure you receive the cash grant you rightfully deserve. In the unlikely scenario where we cannot secure your refund, you can rest easy, knowing that you won’t bear any financial burden. We assume all the risk.
Most Individuals With Schedule C Income Are Eligible To Some Degree.
Our CPAs and EAs must file an amended tax return for each year applicable. All we require from you is a copy of your 2019, 2020, and 2021 tax returns and a copy of your driver’s 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/260 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.
For the most part, we only require your 2019, 2020, and 2021 tax returns, including your Schedule C and a copy of your driver’s license for identification.
Not at all. Our website has an agreement letter that you must 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 driver’s license. We try to make the process as easy and stress-free as possible. Once we have your tax returns, we’ll take over and get everything filed for you.
Yes. This tax credit is only for self-employed individuals, small business owners, freelancers, and 1099 contractors.
A few factors go into calculating your tax credit refund amount. The most significant factors would be: Your net income from your Schedule C on your 2019, 2020, and 2021 tax returns. How many days you were out sick or told to quarantine with Covid-19 How long you might have cared for a loved one affected by Covid-19. How long were schools or daycare centers closed (and you were forced to care for a minor child during the closings). But the fastest and easiest way to find out how much you qualify for is to simply use our online Tax Credit Calculator
Once we receive the necessary paperwork from you, we will begin to work on your case immediately and get all the forms filed; then, it is up to the IRS to send your refund directly to you. For the most part, we find that it usually takes 12–16 weeks to complete the process and receive your cash refund.
Yes. They can both get the credit but they cannot share qualifying COVID days!
Yes. They can both get the max credit but again, they cannot share qualifying COVID days!