New IRS Program Available For Self-Employed Workers To Receive Up To $32,220 In Tax Credits Under FFCRA
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About The SETC Program
What is the Self-Employed Tax Credit (SETC)?
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 (Schedule 'c'), or a 1099 subcontractor the SETC holds the potential to bridge the gap left by more traditional forms of support.
Up to $32,220 per self employed 1099 employee
Advanced funding paid out in 10 days or less after submission
Available for 2020 and 2021 fiscal years
Qualify with decreased revenue or COVID event
SETC is a refundable tax credit
If you earned more in 2019 than 2020, you may use that tax return instead
The deadline to claim your benefit is April 14, 2025.
How much money can you get back?
You may be eligible for up to $32,220 in tax credits from 2020 & 2021
How do you know if you are eligible?
To qualify your business must have been negatively impacted in either of the following ways:
• 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” 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.
• 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” in their federal tax returns for 2020 and/or 2021.
Why Claim Your Self-Employed Tax Credit?
Why Claim Your Self-Employed Tax Credit?
The SETC underwent several changes and has many technical details, including how to determine qualified wages, which employees are eligible, and more. Your self-employed specific case might require more intensive review and analysis.
The program is complex and might leave you with many unanswered questions.
We at SETC-Assistance can help make sense of it all. Our dedicated experts will guide you and outline the steps you need to take so you can maximize your self-employed tax credit claim up to $32,220.
Why SETC-Assistance.org?
6,230
1099 Workers Enrolled
$93,457,037
Tax Credits Recovered
16,200,000
Qualified Self-Employed
Our Services Include:
• Thorough evaluation regarding your SETC eligibility.
• Comprehensive analysis of your self-employed claim.
• Guidance on the claiming process and documentation.
• Specific program expertise that a regular CPA or payroll processor might not be well-versed in.
• Fast and smooth end-to-end process, from eligibility to claiming and receiving refunds
Dedicated specialists that will interpret highly complex program rules and will be available to answer your questions, including:
• Quality control over all SETC applications.
• Full understanding of the IRS rules and regulations.
• Continuous improvement on guideline interpretations.
• Advanced payment options results in direct deposits in 10 days or less.
Ready To Get Started?
It’s Simple.
1. We help you determine whether you qualify for the SETC Program.
2. We analyze your claim and compute the maximum amount you can receive.
3. Our team guides you through the claiming process, from beginning to end, including proper documentation.
DO YOU QUALIFY?
Answer a few simple questions.
Frequently Asked Questions (FAQs)
What period does the SETC program cover?
The SETC covers the days you were unable to perform self-employment work from April 1, 2020 - September 30, 2021.
Here is a breakdown of the number of days you could be eligible Childcare related time off - up to 110 days.
50 days between April 1, 2020 and March 31, 2021.
60 days between April 1, 2021, and September 30, 2021.
Yourself or loved ones - up to 20 days.
10 days between April 1, 2020 and March 31, 2021.
10 days between April 1, 2021, and September 30, 2021.
You took care of your children who were affected by school or daycare shutdowns.
You took care of someone else/family member who had COVID-19 issues.
Do we still qualify if we already took the PPP?
Yes. Under the Consolidated Appropriations Act, businesses can qualify for the SETC even if they already received a PPP loan. Note, though, that the SETC will only apply to wages not used for the PPP.
Who qualifies for the SETC program?
To qualify for SETC tax credits, you must have missed self-employment work due to COVID-related issues. If you were unable to work because of one of the following reasons, you may be eligible:
A government agency imposed a quarantine or isolation order.
Your doctor recommended you self-quarantine.
You were having COVID-19 symptoms while also waiting for an appointment with your doctor.
You were waiting for COVID-19-related test results.
You were getting vaccinated against COVID-19.
You were experiencing side effects from the COVID-19 vaccine
How is the credit amount determined?
The amount you receive depends on your average daily self-employment income and the days you missed self-employed work due to COVID-related issues, including government quarantine orders, self-quarantine, COVID-19 symptoms, and seeking medical diagnosis.
The credit for the childcare portion is calculated by multiplying the number of days on leave and taking whichever amount is smaller:
• Your average daily self-employment income per year or: $511.
• The credit for missing self-employment work due to a personal COVID-related issue or due to taking care of another person is calculated by multiplying the number of days on leave and taking whichever amount is smaller:
• 2/3 of your average daily self-employment income or: $200.
SETC-Assistance assists clients with various forms of financial relief,
particularly, the Self-Employed Tax Credit Program.
Why Claim Your Self-Employed Tax Credit?
About Us
SETC-Assistance.org was established to bolster the efforts of Anchor Financial Group, a prominent contingency-based consulting firm. Together, our affiliate partners strive to provide expert assistance to businesses navigating government aid programs.
Our latest initiative, the Government Aid division, as an affiliate of Gig Worker Solutions, is dedicated to guiding you through the optimal steps to maximize your SETC claim for your business.
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