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Claim Yours Now
— For Self-Employed Workers & Sole Proprietors
Get Up to $32,220 as a Tax-Free SETC Refund Check
Filed within 48 hours and receive your Refund Check within 8-12 weeks! Currently
it's within 9 weeks!
No Upfront Fees
Pay After you receive your checks
SETC is calculated with eligible days and your income. Current SETC average per
Client is $4,688.89 or more.
Qualify in Minutes
Free SETC Guide
SETC Calculator
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First Come, First Serve!
Our SETC Process
Clients choose us since 2017
See All Our Reviews
We have TWO Fee Options
1
Pay AFTER
Pay After you get your checks
25%
PAY AFTER You Get your SETC Checks
Absolutely NO RISK
Pay US when you get Paid
2
Pay Upfront
Pay Upfront (discounted rate)
20%
Still No Risk: 100% Guaranteed in writing
Pay After Calculations are done
Pay Plans Available (PayPal Pay Later)
1
2
Both Pay After & Pay Upfront Options Include:
E&O Insurance Coverage
Audit Defense Protection
SETC Comprehensive Report & Mailing Your Application
100% Success Rate
100% money-back Guarantee
Its all stated in your agreement!
Affordable Payment plans for Upfront Fee Option (6, 12, & 24 Months)
01
Steps to File
Step 1
SETC Calculator
Step 2
Qualifying Questionnaire
Step 3
Sign Agreement & Picture ID
02
Within
48 hours
you'll get:
Your Calculated SETC amount
Your Application filed and mailed
Downloadable filed copy
03
Receive your SETC Checks
In 8-12 weeks as per the IRS, currently its within 9 weeks!
Track it online
about us
We are an approved e-file tax provider — not a marketing agency
View IRS Tax Code
Payment Flexibility
Upfront or Installments,
YOU Decide!
You don’t have to pay this back
It's not a loan & it's tax free!
CPA’s choose us and trust their client with us
We know IRS Tax Credit Codes which they DO NOT know!
Trusted by 50+ Professional Affiliations
Compassionately Compliant in Tax, Accounting, & Legal
100% Successfully Approved
Top Rated Tax Firm since 2017
Payment Flexibility
Upfront or Installments,
YOU Decide!
You don’t have to pay this back
It's not a loan & it's tax free!
CPA’s choose us and trust their client with us
We know IRS Tax Credit Codes which they DO NOT know!
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our features
Be confident in your choice when you file with us
You will never have to pay for a mistake WE make, GUARANTEED!
Our SETC work is 100% insured AND we give it to you in writing!
AA+
S&P Rating
A++
A.M. Best Rating
Insurance Rating
Accounting Services
Qualifying
Processing
Calculations
Filing
Audit Defense Protection
Professional Liability Errors & Omissions Insurance
Data security
Licensed tax professionals
Audit protection in writing
100% Guaranteed
Team of Experts
in all 50 states
The largest companies in America choose us
deadline
First Come, First Serve!
April 15th, 2025
we know tax credits
Billions in Tax Credits Claimed
The largest companies in America choose us, you should too!
Just like ERC, this money is available to you
We are extending our skills and expertise to Self Employed Individuals because
you too deserve the very best service.
Hospitality
$3M+
Retail
$3.6M
Education
$187K
Transportation
$942K
Construction
$3.01M
Education
$201K
Hospitality
$5M+
Retail
$1.92M
Transportation
$1.21M
Construction
$731K
Restaurant
$897K
Hospitality
$3M+
Education
$133K
Construction
$738K
Restaurant
$581K
Manufacturer
$2.82M
Healthcare
$3.6M
Healthcare
$578K
Healthcare
$1.07M
Farming
$926K
Retail
$2.82M
Hospitality
$3M+
Retail
$3.6M
Education
$187K
Transportation
$942K
Construction
$3.01M
Education
$201K
Hospitality
$5M+
Retail
$1.92M
Transportation
$1.21M
Construction
$731K
Restaurant
$897K
Hospitality
$3M+
Education
$133K
Construction
$738K
Restaurant
$581K
Manufacturer
$2.82M
Healthcare
$3.6M
Healthcare
$578K
Healthcare
$1.07M
Farming
$926K
Retail
$2.82M
Education
$1.9M
Restaurant
$1.55M
Service
$927K
Staffing
$1.15M
Construction
$187K
Construction
$1.31M
Healthcare
$7M+
Education
$3.6M
Construction
$187K
Construction
$1.05M
Construction
$521K
Hospitality
$5M+
Hospitality
$7M+
Hospitality
$10M+
Engineering
$2.22M
Construction
$3.49M
Restaurant
$4.66M
Non-profit
$1.34M
Hospitality
$5M+
Hospitality
$10M+
Education
$1.9M
Restaurant
$1.55M
Service
$927K
Staffing
$1.15M
Construction
$187K
Construction
$1.31M
Healthcare
$7M+
Education
$3.6M
Construction
$187K
Construction
$1.05M
Construction
$521K
Hospitality
$5M+
Hospitality
$7M+
Hospitality
$10M+
Engineering
$2.22M
Construction
$3.49M
Restaurant
$4.66M
Non-profit
$1.34M
Hospitality
$5M+
Hospitality
$10M+
don’t lose your chance!
You get one chance to get it Right!
Get Started Now
(01)
There’s a 100% chance we’ll get
your tax free refund for you properly!
If you are one of the 90% of people who qualify
(02)
No risk - we give you SETC
Due Dilligence Report
You will never have to pay for a mistake WE make,
GUARANTEED!
(03)
Everything
done in-house
We are the fastest to file!
(04)
Completed & submitted
within 48 hours
Filed within 48 hours and receive your Refund Check within
8-12 weeks! Currently it’s within 9 weeks!»
(05)
Realtime updates via online
portal, email, or text messages
Always stay informed!
(06)
All our claims above -
in writing
Our SETC work is 100% insured!
Get Started Now
testimonials
Real People,
Real Money, Real Results
Accounting
CPA
Financial Advisor
CPA
Real Estate Broker
Event Planner
Salon
Massage Therapist
Architect
Finance
Event Planner
Gym Trainer
Psychologist
Pastor
Accounting
Website Dev.
View All
about setc
What is the Self Employed Tax Credit?
The Evolution of SETC (qualified sick and family leave credits) The Families
First Coranavirus Response Act (FFCRA) is a Federal Law (Public Law No. 116-127)
and as amended and extended by the Tax Relief Act of 2020 (the Tax Relief Act).
View IRS Tax Code
Coronavirus Paid Leave Tax Credit for Self Employed Workers paying up to $32,220
NOT a loan-refund of taxes you already paid. Not taxable
FFCRA helps Independent business owners and contractors receive money for not
being able to work during Covid
FFCRA Act to include self-employed persons for the first time (Sections 7002(a)
and 7004(a) of Public Law No. 116-127).
$50B approved for SETC — It’s first come first serve
Your money that is set aside from the Government. Take it or leave it! Up to
you!
Not sure if you qualify?
No COVID test required. You qualify if you have self employed earnings during
2020 & 2021 and work as:
Audit Protection
100% Guaranteed
Titles
Construction
Real Estate
Hospitality & Events
Transportation
Beauty & Personal Care
Professional Services
Healthcare
Retail & Manufacturing
Business
Religious
Marketing Services
Education
Sports & Entertainment
Information
Sole Proprietor
1099 Worker
Consultant
Single Member LLC Owner
Gig Worker
Freelancer
Solo Preneur
Entrepreneur
Did you miss work due to:
Quarantine
— Federal, state, or local lockdown orders related to COVID-19
— Quarantining or isolation order related to COVID-19
Childcare
(18 or younger in 2021)
— Caring for your child whose school had closed or gone virtual (Remote
Learning)
— Caring for your child because your child care provider was unavailable due to
COVID-19
Illness
— Symptoms of COVID-19 or seeking a medical diagnosis
— Sickness due to vaccination side effects
— Caring for someone with COVID symptoms
Vaccination
— A COVID-19 vaccination appointment
— Side effects due to vaccination
Get Started Now
Qualifications Process
Calculations
Filing the SETC
Audit Protection in Writing
Get filed within 48 hours
Data security & customer care
Qualifications Process
Calculations
Filing the SETC
Audit Protection in Writing
Get filed within 48 hours
Data security & customer care
Qualifications Process
Calculations
Filing the SETC
Audit Protection in Writing
Get filed within 48 hours
Data security & customer care
Qualifications Process
Calculations
Filing the SETC
Audit Protection in Writing
Get filed within 48 hours
Data security & customer care
assurance
File with Assurance
Our tax and government order specialists ensure the accuracy of your SETC
Flexible payment options
100% Guaranteed
We stand by our work
& Help in case of audit
SETC work is backed by insurance
Audit Defense Protection
256-bit encryption
To secure your information
100% Successfully Approved
$50B allocated - 44M eligible people!
Licensed tax professionals
Audit Defense Protection
Data security
Certified SHA-256
It’s first come, first serve!
We like to keep it real, lets get candid!
our work backed by insurance
Other CPAs will have you sign a waiver of liability and we give you all the
protection in writing and stand by our work backed by Insurance
Many CPAs outsource these types of applications because they too know that its
not under their umbrella of comfort.
Professional Liability Errors & Omissions Insurance
we are tax professionals
We love our CPAs too and trust their judgement for our taxes just like you
We also love doing what's in our best interest and choose Tax Professionals
according to what we are filing for. The IRS Tax Code is over 70,000 pages and
we don’t expect our CPA to waste time trying to learn that for a limited time
tax credit! We have all the Covid-19 government orders and invested heavily
($$$) to acquire them because this is OUR field of expertise.
100% Successfully Approved
we are trusted
Many CPAs choose to trust us with their clients so why not directly come to us!
If you really love your CPA, don’t expect them to educate themselves on
government incentives too. Let them use their time and energy on saving you tax
dollars properly.
Data security & customer care
100% guaranteed
Finally, you get a qualification underwriting report backed by government orders
We do everything in house and have a tight handle on the entire process. Your
CPA cannot give you this!
Qualification underwriting report
Get Started Now
clients choose us since 2017
Because all processing is done in-house and adheres to strict IRS compliance
standards
Yes! I want my Application to Be Compliant
We have a strong focus on
compliance
and making sure our clients are always
protected
We are an established IRS Tax Accounting Firm that provides
insurance
and Audit Protection
You don’t have to pay fees upfront! We plan on being here for a long time!
You’re fully protected from scams, fines and sloppy
paperwork
don’t lose your chance!
Important Deadline
SETC Expires
April 15th, 2025
$50B and 44M Eligible
First Come, First Serve!
The most important thing you'll do in 2024 is meet this deadline!
Get Started Now
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Make an
intelligent decision
We are IRS compliant tax professionals.
Yes! I choose a Tax Credit Specialist to file for me!
So Grateful the Pandemic is over!! BUT......
Now you gotta take it or leave it!
Don’t miss your chance!
Get your money now
It’s first come, first serve! Don’t miss out!
Yes! I want to file by SETC with a Tax Pro
Simple, speedy, and lucrative refund
Full audit protection insurance in writing
Act now because the Deadline is April 15th, 2025!
$32k can help you rebuild so much more!
or
Give away thousands to someone else
No! I don't want my SETC
No refunds. Government takes back your money
Let your CPA handle it and receive a minimal refund. They don’t know what we
know. (We’ve seen it happen hundreds of times and no we cannot reapply for you
once they do it)
Miss the first deadline and lose 46% of your cash refund
Stay up all night trying to make a plan to earn $32k another way
Yes, I want to apply before April 15th, 2025
Frequently Asked Questions
Everything you need to know about the SETC Tax Credit and IRSplus
More FAQs
01
Do I have to be self-employed to file for the tax credit refund?
Absolutely! This particular tax credit refund is designed with self-employed
individuals in mind. It's also a great fit for small business owners,
freelancers, and anyone working as a 1099 contractor. It's all about giving a
helping hand to those who run their own show in the business world.
02
Can I claim SETC tax credits if I am also a W2 employee?
Yes, you can! If you've got self-employment income alongside your W2 earnings in
2020 or 2021, you're in the running for SETC tax credits. Just remember, if you
received FFCRA wages through your employer, we'll need to adjust your SETC
credit accordingly to avoid double benefits. And if your employee benefits don't
cover everything, you might still be able to claim extra credits based on your
self-employment.
03
Is the Self-Employed Tax Credit (SETC) taxable?
No, it's not. Here's the good news: unlike Paycheck Protection Program (PPP) and
the Employee Retention Tax Credit (ERTC), the Self-Employed Tax Credit (SETC) is
not considered taxable income. This means when you claim SETC, it doesn't add to
your tax burden the way PPP and ERTC might have. It's a financial perk without
the extra tax strings attached.
04
Does filing for SETC tax credits impact filing my 2023 income taxes?
Actually, no. Filing for the SETC tax credit won't affect your 2023 income tax
filings at all. To access these credits, our in-house team of accountants will
amend your previously filed taxes for 2020 and/or 2021. This means the process
is retroactive and doesn't touch your 2023 tax situation. It's a separate
adjustment to your past filings, ensuring that your 2023 taxes remain
unaffected.
05
If the tax payer and spouse both have self-employed income, can they both get
the max $32,220 if they each qualify for the max?
Absolutely! If both spouses have self-employed income and individually qualify,
they can each receive the maximum SETC of $32,220. However, it's important to
note that they cannot share qualifying COVID days for children. Each spouse must
meet the eligibility criteria based on their own separate self-employed
activities and COVID-impacted days. This allows both individuals to fully
benefit from the credit, provided their individual circumstances align with the
SETC requirements.
06
How much of a tax credit can I expect to receive?
The size of your SETC tax credit hinges on a few key elements:
1. Your Schedule C or SE Net Income: This is drawn from your 2019, 2020, and
2021 tax returns. Your net income plays a major role in shaping the credit
amount.
2. Days Affected by COVID-19: This includes any days you were sick or had to
quarantine due to COVID-19.
3. Caring for a COVID-19 Affected person: If you spent time caring for someone
impacted by COVID-19, this is factored in.
4. Remote/Virtual learning, School Closures: If schools or daycare centers were
closed or unavailable and you had to care for a minor child, this too
influences your credit.
These elements collectively contribute to determining the tax credit you can
expect. For a precise calculation, you might want to use a specialized tax
credit calculator or consult a tax expert.
07
What are the fees I have to pay IRSplus and how do I pay them?
The Client fee is a percentage of your total SETC refund. Our team of tax
professionals will qualify, calculate and prepare all required paperwork
ensuring your SETC application is filed within IRS compliance. We consider all
tax codes and tax laws required to do this properly.
Fees are due once your application is complete and ready to file. Fees can be
paid all at once or you can opt to pay in installments through PayPal.
For fees equaling $1,500 or less, choose to pay over 6 months interest free or
in (4) interest free installments starting at the time of filing, with (3)
subsequent repayments every 15 days.
For larger refunds with Client fees greater than $1,500, you can finance your
payments monthly with PayPal Pay Later. The “Pay Monthly” installment
application is quick and simple.
With this option you may select to pay over the course of 6, 12, or 24 months.
You must also have a PayPal account in good standing or open a PayPal account to
apply. If you do not see monthly option available on your account, please
contact PayPal directly.
Please note: It is not required to have a PayPal account to make a payment
upfront, you can use your debit card or credit card at checkout.
Our Guarantee: If you do not receive your tax credit for any reason, we will
reimburse you any fees paid.
08
What is PayPal Pay Later and what are my advantages?
Paying with PayPal pay later is quick and simple. It offers an affordable option
for clients to pay over 2, 6, 12, or 24 months. Even though Clients generally
receive their SETC checks in less than 4 months, they are not required to pay
off their PayPal installments.
Many clients opt to choose a 24 month pay later plan. An invoice of $2,000 on
this plan would have an estimated monthly payment of $85. SETC checks arrive
within 4 months so the estimated monthly payments amount would total $340 before
checks arrive.
09
Do I absolutely need a PayPal account to pay the fees?
To pay your Client fee without logging into a PayPal account, you may simply
select the “debit or credit card” button in the Client portal invoice page.
10
What is the difference between SETC and FFCRA?
While SETC (Self-Employed Tax Credit) and FFCRA (Families First Coronavirus
Response Act) are both born from the same legislative umbrella aimed at
providing COVID-19 relief, there's a neat distinction in their applicability:
1. SETC: A Special Focus for the Self-Employed
2. FFCRA: The Employee-Oriented Counterpart
So, while they share a common goal of easing the COVID-19 burden, SETC and FFCRA
divvy up their support based on your employment status SETC for the
self-starters and FFCRA for the employed brigade
11
Will I have to do a lot of paperwork to file by SETC with you?
Not at all. It's really straightforward – just select your days in our
questionnaire. Then, upload your 2019 to 2021 tax returns and a copy of your
driver’s license, and sign our agreement. That's it! We handle the rest,
ensuring a smooth and stress-free process for you.
12
What is the FFCRA tax credit program?
The FFCRA (Families First Coronavirus Response Act) is a federal response to
COVID-19, originally passed in March 2020. It started by aiding employers with
W-2 employees, offering paid sick leave and unemployment benefits. By December
2020, under the CARES Act, it expanded to include the self-employed,
freelancers, and gig workers, providing them with tax credits for lost work due
to COVID-19. This broadened its scope, making it a comprehensive support system
during the pandemic.
13
How much is the FFCRA credit?
The FFCRA tax credit can reach up to a substantial $32,220.00, with its
calculation rooted in your self-employed net earnings for both 2020 and 2021.
14
Why haven't I heard of the FFCRA tax credits before?
It's not uncommon to be in the dark about the FFCRA tax credits. Initially, the
focus of the FFCRA was on employers with W-2 employees. When the CARES Act came
into play later in the same year, expanding these tax credits to include the
self-employed, it didn't get the spotlight it deserved.
This lack of widespread publicity is a key reason why many self-employed
individuals remain unaware of their entitlement to these credits. In fact,
research indicates that over 80% of self-employed persons are still in the dark
about their eligibility for the FFCRA tax credits.
Staying abreast of such updates is crucial, especially when they can have a
significant financial impact.
15
Is this similar to the PPP program?
The PPP (Paycheck Protection Program) and the FFCRA (Families First Coronavirus
Response Act) are indeed both responses to the economic fallout of COVID-19, but
they cater to different needs.
PPP's Role: The PPP is all about bolstering small businesses. It does this by
offering loans, which can be forgiven if used primarily for payroll and other
eligible expenses. It's essentially a financial lifeline for businesses to keep
their teams employed during the pandemic's challenging times.
FFCRA's Focus: On the other hand, FFCRA is not about loans but about providing
tax credits. These credits are applied to taxes that individuals, especially the
self-employed and employers, have already paid. Unlike the PPP, which is
designed to support businesses directly, FFCRA is more individual-focused,
offering relief to people impacted by COVID-19 related work disruptions.
While both play crucial roles in pandemic relief, their mechanisms of support
differ significantly - one through loans for businesses and the other through
tax credits for individuals
16
Is the SETC tax credit based on gross self-employed income or net self-employed
income?
When determining eligibility for the SETC (Self-Employed Tax Credit), it's your
net self-employed income that's under the microscope. This means you need to
have a positive net income, which is your earnings after all allowable business
deductions, for either 2019, 2020, or 2021. Additionally, your eligibility
hinges on having specific days that qualify under the COVID-related criteria.
It's this combination of positive net income and qualifying days that shapes
your eligibility for the SETC.
17
How is the credit amount determined?
The amount of the tax credit you can receive is determined through a combination
of specific criteria:
Income and Days Affected by COVID-19: Your average daily self-employment income
and the number of days you missed work due to COVID-related issues, like
quarantine or symptoms, are pivotal. This is used to calculate your potential
credit.
Child Care Credit Calculation: If you took leave for childcare, your credit is
the lesser of your average daily self-employment income or $511 per day.
Self-Employment Work Interruption Credit: If you missed work due to personal
COVID-19 issues or caregiving, the credit is the lesser of two-thirds of your
daily income or $200 per day.
Net Income and Caregiving Factors: Your net income reported on Schedule C for
the tax years 2019-2021, the days you were sick or quarantined, and the time
spent caregiving due to COVID-19, including periods when schools or daycare were
closed, all play a role in the calculation.
Our Client Portal simplifies this process, guiding you through these factors and
helping calculate your maximum FFCRA tax credit. For a quick estimate, our
online Tax Credit Calculator can provide an accurate assessment of your
eligibility and the likely credit amount.
18
What is the average FFCRA refund people receive?
The average FFCRA refund received by IRSPlus customers typically stands at
around $15,000. This figure, specific to IRSPlus's clientele, offers insight
into the substantial relief that the FFCRA program has provided to individuals
affected by the pandemic. It's important to note that this amount can vary based
on individual circumstances, but for IRSPlus customers, $15,000 is the average
benchmark.
19
How will I receive my FFCRA refund?
Get ready for a nice surprise in your mailbox! The IRS will dispatch a check for
your 2020 and/or 2021 FFCRA tax credit directly to the address linked with your
IRSPlus account. It's like getting a special delivery just for you. But, keep in
mind, if you've got any outstanding tax dues, the IRS will play the balancing
act - using your refund to square off these liabilities first.
20
How long does it take to receive a refund?
Eagerly awaiting your refund? Let's break down the timeline: Once you've filed
for your FFCRA credit, the IRS typically takes up to three weeks to give you a
nod of acceptance. Think of it as the IRS giving your application a thumbs up.
But the real countdown begins after this acceptance – it can take 16 to 20 weeks
for your refund to make its grand entrance, via check.
21
What if I have questions or need assistance during the process?
If you find yourself with questions or in need of assistance as you navigate
through the process, don't worry, we've got your back! Our dedicated customer
service team is like your personal support squad, ready to jump in and make sure
your experience is as smooth and stress-free as possible.
No matter where you are in the process, if you hit a snag or just need some
clarification, we're only a message or a call away. Our team is always on
standby, eager to assist you with any inquiries or concerns. Reach out to us
through our designated channels, and we'll be right there to guide you, ensuring
you have all the information and support you need. We're here to make your
journey through this process as straightforward and hassle-free as we can. Your
peace of mind is our top priority!
22
Is there an extensive amount of paperwork to complete?
No need to worry about overwhelming paperwork. Our process is straightforward
and secure:
Effortless Agreement Signing: You'll receive a secure email to sign our “Client
Agreement” electronically. Quick and easy!
Minimal Documentation: Just upload your tax returns for 2019, 2020, and 2021,
along with your driver’s license and a secondary photo ID for compliance.
We Handle the Details: Once your documents are uploaded, our team takes over,
managing everything from amendments to maximizing your entitlements.
Already Filed Your Taxes? If you've filed your 2020 and 2021 returns but need
amendments for additional credits, we're here to help with that too.
That's it! We aim to make this process as seamless and efficient as possible for
you.
23
Are there any deadlines for claiming the FFCRA tax credits?
Clock's ticking, but there's still time! Here's the lowdown on those crucial
FFCRA tax credit deadlines:
2020 Returns: The magic date for your 2020 tax return is April 15, 2024. It's
your key opportunity to claim those FFCRA credits for 2020.
2021 Returns: For your 2021 tax return, circle April 15, 2025, in your calendar.
That's your deadline to get those credits for 2021.
And here's a handy rule of thumb: You've got either three years from the
original due date of your return or two years from when you paid the tax
(whichever comes later) to make any amendments for claiming or adjusting your
FFCRA credits. So, if you're looking to tweak your 2020 or 2021 returns for some
extra credit, keep these dates in mind.
24
Is FFCRA a loan or a grant!
FFCRA (Families First Coronavirus Response Act) isn't a loan and not quite a
grant either. Think of it as a tax credit – a way to get back some of the taxes
you've already paid. Here’s how it stands out:
Refund, Not a Loan: Since it's a tax credit, it functions as a refund of taxes
you've already contributed, not as a borrowed amount you need to repay.
Mimics Paid Leave Expenses: The structure of FFCRA credits mirrors the kind of
support that mandatory paid leave provides to employees. It’s geared to cover
expenses similar to those incurred during paid leave.
25
Does filing for FFCRA tax credits have any impact on filing my 2023 income
taxes?
Worry not about your 2023 tax filings when claiming FFCRA tax credits – they're
like two ships passing in the night, not affecting each other. Here's the
lowdown:
Separate Lanes: Filing for FFCRA credits is a journey back in time, revisiting
your 2020 and 2021 tax filings. It's all about making tweaks to those years, not
the upcoming 2023 tax season.
Expert Navigation: Our CPA crew is like your time-travel team, diving into your
past filings (2020 and 2021) to skillfully amend them for FFCRA credits. They
ensure everything's shipshape without causing ripples in your 2023 tax voyage.
Smooth Sailing for 2023: Your 2023 tax filing remains unaffected, cruising along
its usual course. So, you can breathe easy and focus on the here and now,
knowing your past and future tax journeys are well taken care of.
26
What is the IRS' definition of being considered "self-employed"?
You're considered self-employed by the IRS if:
You operate as a sole proprietor or independent contractor. You're a member of a
partnership conducting a trade or business. You run any form of business
yourself, including part-time or gig work.
Note: Self-employment income on Form 1040-SE is key for SETC eligibility.
General partners' income counts from all business income, while limited
partners' income is only from guaranteed service payments. For amendments, you
can use 2019 or 2020 income for 2020, and 2020 or 2021 income for 2021 filings.
27
Who qualifies for the FFCRA tax credits?
To be eligible for FFCRA tax credits, here's what you need:
Your Work Profile: You should be self-employed - think sole proprietors,
independent business owners, 1099 contractors, freelancers, gig workers, or
single-member LLCs.
Tax Filing Details: You must have filed a Schedule SE with your IRS Tax Form
1040 for either 2020 or 2021, showing positive net income and having paid
self-employment tax on your earnings.
COVID-Related Work Absence: The key reason for missing work should be COVID-19
related, like being under a government-imposed quarantine or isolation order, or
following a doctor's recommendation to self-quarantine.
If you tick these boxes, you're likely in the zone for FFCRA tax credits. Need
more info or have other questions? Just let me know!
28
What qualifies as a reason for claiming FFCRA?
To qualify for FFCRA tax credits, it's essential that your work as a
self-employed individual was interrupted due to specific COVID-related reasons.
These include:
Quarantine Orders: Being unable to work because of quarantine or isolation
orders imposed by a government agency.
Self-Quarantine Advice: Following a recommendation by a healthcare provider to
self-quarantine.
Symptoms and Diagnosis: Experiencing COVID-19 symptoms and seeking a medical
diagnosis or awaiting test results.
Vaccination and Side Effects: Missing work due to getting vaccinated against
COVID-19 or dealing with its side effects.
Virtual school and School Closure Challenges: Caring for children during school
or daycare closures caused by the pandemic.
Caring for Affected Others: Providing care for a family member who is dealing
with COVID-19 related issues.
These criteria cover a broad spectrum of COVID-19 impacts, from health concerns
to caregiving responsibilities, ensuring comprehensive support through the
FFCRA.
If you have more questions or specific aspects you'd like further information
on, feel free to ask!
29
Are there any limitations for the SETC?
Absolutely, there are a few key limitations to the Self-Employed Tax Credit
(SETC) that are worth keeping in mind:
Not a Full Payout with Other Benefits: If you've already received wages from an
employer for sick or family leave in 2020 or 2021, don't expect to hit the SETC
jackpot. Your SETC amount gets trimmed down by the FFCRA wages you pocketed.
Unemployment Benefits Affect the Equation: Also, if you received unemployment
benefits during these years, your SETC calculation needs to sidestep these days.
It's all about ensuring you're not double-dipping from the benefit pool.
Residency Matters: And remember, SETC isn't just for anyone. You need to be a
U.S. citizen, permanent resident, or a qualifying resident alien to get in on
this.
Income Limits in Play: There's also an income ceiling to consider. Earning
beyond a certain threshold might nudge you out of the SETC eligibility zone.
Geographical Variations: Different countries have their own spin on SETC rules.
It's wise to consult a tax professional or dig into your country's tax
guidelines to see where you stand.
So, while SETC offers a valuable financial cushion, it's not a one-size-fits-all
deal. Knowing these limitations helps you realistically assess what you can
expect from this credit.
30
What dates are eligible for FFCRA tax credits?
The FFCRA tax credits cover specific periods for those unable to perform
self-employment work due to COVID-19. Here's a detailed breakdown:
ELIGIBILITY PERIOD:
1. The covered timeframe is from April 1, 2020, to September 30, 2021.
FILING DEADLINES:
1. For the 2020 tax return, the filing deadline to claim these credits is April
15th, 2024.
2. For the 2021 tax return, it's due by April 15th, 2025.
BREAKDOWN OF ELIGIBLE DAYS:
1. Child care-Related Time Off:
2. Up to 50 days between April 1, 2020, and March 31, 2021.
3. Up to 60 days from April 1, 2021, to September 30, 2021.
4. Time Off for Yourself or a Loved One:
5. Up to 10 days between April 1, 2020, and March 31, 2021.
6. Another 10 days from April 1, 2021, to September 30, 2021.
This detailed timeline gives a clear view of the eligible dates and the amount
of time you could potentially claim under the FFCRA tax credits.
31
What if I have NOT filed the 2020 or 2021, can I still receive the SETC?
Certainly! If your 2020 or 2021 taxes are still pending, you're not out of the
race for SETC benefits. Our team of Accountants are well-equipped to prepare
your original tax returns with the inclusion of SETC. But remember, it's
important to be aware of the refund statute limitations discussed earlier.
This ensures that you remain within the legal timeframe for claiming your tax
credits. Our professionals are here to guide you through this process, making
sure you meet all necessary requirements for a successful SETC claim.
32
Can I claim FFCRA tax credits if I am also a W2 employee?
Yes, W2 employees can claim FFCRA tax credits, particularly if they have
self-employment income in addition to their W2 salary from 2020 and/or 2021.
However, it's important to understand the nuances:
1. Balancing Dual Incomes: If you have earned from self-employment alongside
your regular W2 job during these years, you're in a position to explore
FFCRA tax credits for your self-employed earnings.
2. Avoiding Double Benefits: Be cautious of double-dipping. If you've already
received paid leave benefits as a W2 employee, this could affect the amount
of FFCRA tax credit you're eligible for as a self-employed individual. The
rule of thumb is no double benefits for the same period.
3. Maximizing Coverage: In scenarios where your employee benefits don’t fully
cover your needs, there might be a window to claim additional FFCRA credits
based on your self-employment.
4. Platform Limitations: If your employer has already claimed FFCRA credits on
your behalf, this may restrict your ability to use certain platforms like
IRSPlus for claiming these credits.
33
Do I qualify for SETC tax credit if I received unemployment benefits during 2020
and/or 2021?
Qualifying for the SETC (State Earned Tax Credit) remains possible even if you
received unemployment benefits during the pandemic years of 2020 and 2021.
However, it's important to note a critical distinction: the days for which you
received unemployment benefits cannot be claimed as days of inability to work
due to COVID-19 related issues.
This distinction is crucial for accurately determining your eligibility for the
SETC tax credit. To navigate this complex scenario and ensure compliance with
state tax laws, consulting a tax professional is highly advisable for tailored
advice.
34
I had no income in 2020. Is the SETC based on my 2019 income?
Self-employed individuals in 2020 or 2021 have the flexibility to elect either
their 2019 or 2021 income for SETC purposes if self-employed in 2020, and either
2020 or 2021 income if self-employed in 2021. However, remember, if you receive
employee paid leave benefits, it affects the FFCRA tax credit you can claim as a
self-employed individual. It's crucial not to claim overlapping benefits for the
same period under the FFCRA, but you may be eligible for additional credits
based on self-employment income if employee benefits don't fully cover your
situation.
35
How can I file SETC tax credits myself?
Certainly! To claim SETC credits, you'll need to reassess your 2020 or 2021 tax
returns. This involves a bit of homework on your eligibility and some number
crunching. Of course having a good understanding of the tax credits tax code
will help you solidify your eligibility and maximize your refund. We’ve invested
in all the supporting government orders by State, city and county so can support
your claim properly.
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