The Self-Employed Tax Credit (SETC) Program
Let's Clear Up the Confusion.
The FFCRA, a Congress-approved initiative, is specifically tailored to assist the self-employed—individuals like you, whether you’re striving to recover from the impact of COVID or aiming to elevate your professional pursuits.
If, however, you are unfamiliar with it, you’re not alone.
Research indicates that more than 80% of self-employed individuals are unaware of their eligibility for FFCRA tax credits. Originally intended for employers and their staff, Congress extended the FFCRA Act to encompass self-employed individuals for the first time (Sections 7002(a) and 7004(a) of Public Law No. 116-127).
The Time is Now!
To claim a refund on your 2020 taxes, the deadline for amending your return is April 15, 2024. For a refund on your 2021 taxes, the filing deadline is April 15, 2025. Act today to capitalize on this opportunity.
What is The Self-Employed Tax Credit?
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.
Who is Eligible?
Almost everyone with schedule C income qualifies. Amidst the pandemic, millions grappled with COVID-related challenges, including illness, symptoms, quarantine, and caregiving responsibilities. If you found yourself in such situations, where COVID impacted your ability to work, the SETC was designed to be your safety net, but it’s not too late.
What's Next
With much uncertainty affecting both small and large businesses, the SETC comes as a great remedy against grievous losses. Here at EDPS, we are committed to continuously delivering value, to all of our clients, past, current and future. We have selected ProfitMax to assist our clients with their SETC journey. ProfitMax has the expertise to help you navigate the SETC application process. Feel free to contact Stacey Doege at ProfitMax for more information. You will be asked to provide our reference code of EDPS0101
You may be eligible for up to $32,220 in tax credits from 2020 & 2021
- 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.