Self-Employed Tax Credit
What is the Self-Employed Tax Credit?
In December 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which expanded the SETC to cover employers and the self-employed allowing qualified self-employed workers to recover up to $32,220.
The Self-Employed Tax Credit (SETC) refers to the sick leave and family leave tax credit provisions for self-employed individuals introduced under the FFCRA.
Who is eligible?
Eligibility starts with self-employed individuals, typically subcontractors (1099), sole proprietorships, & single member LLCs.
You must have filed a Schedule C or Schedule SE for the 2020 or 2021 tax years, reported positive net income and paid self-employment taxes on your earnings. Review your federal tax returns for 2020 & 2021 to verify that you filed a Schedule C or Schedule SE.
How do I confirm my eligibility?
We've created a streamlined application to gather critical details to understand your specific circumstances.
During the application process, you'll upload copies of your Federal Tax Return for 2019, 2020 & 2021.
We'll then complete a detailed analysis based on your Schedule C’s, Schedule SE’s and relevant data to determine how much of the SETC you may qualify for (up to $32,220).