Introducing the Self-Employment Tax Credit
The Self-Employment Tax Credit (SETC) is a tax credit aimed at self-employed professionals to provide financial support. Available to freelancers, proprietors, and independent contractors.
Quick and Easy
Our SETC Specialist will guide you through the process to get the maximum tax credit that you are eligible for.
Step By Step Process
After meeting with our SETC Specialist and you are pre-qualified they will walk you through the steps of collecting the required documents and getting your file to our processing team.
Accurate Processing
Our processing team is a group of well-seasoned tax professionals who will get you the maximum tax credit you deserve both accurately and quickly.
ABOUT SETCS AND THE FFCRA
What’re Self-Employed Tax Credits (SETCs)?
Self-Employed Tax Credits (SETCs) refer to the provisional sick and family leave tax credits for self-employed individuals introduced under the FFCRA in March 2020.
Internal Revenue Service
The Families First Coronavirus Response Act (FFCRA) is a federal law (Public Law No. 116-127) that provides self-employed individuals with tax credits that reimburse them, dollar for dollar, for the cost of being unable to work due to COVID-related issues.
At A Glance
Provide Up to $32,220 Per Self-Employed Individual
Based on Sick Leave Equivalent and Family Leave Equivalent Amounts
Apply to Q2 (2020) Through Q3 (2021)
With Up to 20 Sick Leave Days and 110 Family Leave Days
May Be Claimed Retroactively For a Limited Time
The deadlines are April 15, 2024, and April 15, 2025.
WHO QUALIFIES FOR THE SETC
Who Qualifies for a SETC Refund?
Self-employed individuals who had to take time off in 2020 or 2021 because of COVID-19 are likely to qualify for the SETC tax credits provided by the FFCRA.
At A Glance
Identify as a Self-Employed Individual
(e.g., Sole Proprietor, Freelancer, Independent Contractor, or Gig Worker)
Filed a Schedule SE (IRS Form 1040) for 2020 or 2021
and Reported a Positive Net Income
Unable to Work or Telework in 2020 or 2021
Due to a COVID-Related Issue
ACCOUNTANTS AND BOOKKEEPERS
AIRBNB HOSTS
AMAZON RESELLERS
COPYWRITERS
CONSTRUCTION WORKERS
CONSULTANTS
DENTISTS
GRAPHIC DESIGNERS
GENERAL PRACTITIONERS
PERSONAL TRAINERS
PHOTOGRAPHERS
RIDESHARE AND DELIVERY SERVICE DRIVERS
REAL ESTATE AGENTS
SOCIAL MEDIA MARKETERS
VETERINARIANS
WEBSITE DESIGNERS AND DEVELOPERS
FAQS ABOUT THE SETC, FFCRA
Frequently Asked Questions, Answered
Self-employed individuals who had to take time off in 2020 or 2021 because of COVID-19 are likely to qualify for the SETC tax credits provided by the FFCRA.
How much is the processing fee?
The fee is $199 to file for the SETC and one of the following options. Option 1 – 25% of the gross amount of the credit refunded upon receiving the refund or Option 2 – 15% of the gross amount of the credit refunded paid upfront.
What is the average SETC refund for self-employed individuals?
The average refund has been approximately $9,400.00
How long before I receive my SETC refund?
Once we receive all of your paperwork it will take about 5 days to file and once it is filed you will receive your check in about 18-22 weeks.
Will I need to repay the funds that I receive for SETC?
No, the refund you receive is a refund against the taxes you already paid or owed.
What are the filing deadlines?
Yes, two deadlines apply to the amended tax returns required for your claim. The deadline for your 2020 amended tax return is April 15, 2024. This deadline applies to the period between April 1, 2020, and March 31, 2021, and accounts for $15,110 of the SETC value. The deadline for your 2021 amended tax return is April 15, 2025. This deadline applies to the period between April 1, 2021, and September 30, 2021, and accounts for $17,110 of the SETC value.
Find Out If You Qualify for a SETC Refund
You may be able to recover a tax refund of up to $32,220 as a sole proprietor, freelancer, independent contractor, or gig worker.
