ATTENTION: Self-Employed Individuals
ATTENTION: BUSINESS OWNERS
"If Your Business Was Shut Down Due To Federal Or State Mandates You Could Be Eligible For Up To $26,000 PER EMPLOYEE"
"If you were Self-Employed, a Sole Proprietor, a Single Member LLC or a 1099 Subcontractor in 2020 and/or 2021, you could be eligible for the Self-Employment Tax Credit (SETC) worth up to $32,200 in Tax Credits"
ATTENTION:
Self-Employed Individuals
"If you were Self-Employed, a Sole Proprietor, a Single Member LLC or a 1099 Subcontractor in 2020 and/or 2021, you could be eligible for the Self-Employment Tax Credit (SETC) worth up to $32,200 in Tax Credits"
Endorsed By:
Learn more about the Families First Coronavirus Response Act & American Rescue Plan.
Learn more about the Families First Coronavirus Response Act & American Rescue Plan.
The Self-Employment 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, a 1099 subcontractor, or a family-centric small business, the SETC holds the potential to bridge the gap left by more traditional forms of support.
- Are you self-employed or a 1099 Subcontractor?
- Did you file as a "Schedule C" or a partnership?
- Were impacted By Covid
IF YOU ANSWERED YES TO ALL THREE QUESTIONS
You're most likely eligible for the Self-Employment Tax Credit (SETC)
The Self-Employment 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, a 1099 subcontractor, or a family-centric small business, the SETC holds the potential to bridge the gap left by more traditional forms of support.
- Up to $26,000 PER EMPLOYEE
- Available for 2020 and 1st through 3rd quarters of 2021
- Qualify with decreased revenue, COVID related shutdown or supply chain disruption
-
No limit on funding (ERC is not a loan)
-
ERC is a refundable tax credit
IRS TAX CODE
See what the IRS has to say about the Employee Retention Credit. Below is a link to IRS.gov section regarding the ERC.
SETC Qualifications
ERC Qualifications
- 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
- Single-member LLCs.
- If you filed a “Schedule C” on your federal tax returns for 2020 and/or 2021
- 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.
ALMOST EVERYBODY WITH SCHEDULE C INCOME QUALIFIES FOR AT LEAST PARTIAL CREDIT.
Qualified Sick & Family Pay Leave, commonly known as Covid Sick Pay; Families First Coronavirus Response Act (FFCRA) & American Rescue Plan (ARP)
Thankfully, if you are one of the 16 million self employed professionals across the U.S., relief is right around the corner. You'll be happy to know that there is a government relief program specific to your needs that is still available to be claimed right now, and it is called the Qualified Sick & Family Paid Leave Wage Credit. The window for applications is expiring soon, so self-employed workers need to act fast to take advantage of this life-changing credit.
- Being unable to work due to federal, state, or local shutdown orders,
-
Needing to take care of family members with COVID, or
-
Being placed in quarantine as a result of COVID exposure. For those who missed out on work due to any of these circumstances, this credit could offer much needed assistance.
SETC Qualifications
SETC Qualifications
- 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
- Single-member LLCs.
- If you filed a “Schedule C” on your federal tax returns for 2020 and/or 2021
- 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.
Ready To Get Started?
Our 3-Step Process
Our 3-Step Process
Ready To Get Started?
Why My Business Concierge
We’re a team of experts with special processes and tools to help self-employed individuals and sole proprietors claim the federal tax credits they're owed.
- Live customer Support
No need to be the guinea pig for your CPA. We average 10-20% more funding than a CPA not familiar with the program.
- Get the Return You Deserve
We evaluate your claim in every way possible to ensure we maximize your credit.
- File Lightning Fast
Our streamlined processes allow for faster results, which means you get your refund faster.
- Help Every Step of the Way
All your questions will be answered with a dedicated team of Self Employed Credit experts.
- Self-Employed Credit Experts
Our team focuses on Covid related tax credits, allowing us to be the experts and ensuring that your claim gets processed before it’s too late.
Why My Business Concierge
We’re a team of experts with special processes and tools to help self-employed individuals and sole proprietors claim the federal tax credits they're owed.
- Live customer Support
No need to be the guinea pig for your CPA. We average 10-20% more funding than a CPA not familiar with the program.
- Get the Return You Deserve
We evaluate your claim in every way possible to ensure we maximize your credit.
- File Lightning Fast
Our streamlined processes allow for faster results, which means you get your refund faster.
- Help Every Step of the Way
All your questions will be answered with a dedicated team of Self Employed Credit experts.
- Self-Employed Credit Experts
Our team focuses on Covid related tax credits, allowing us to be the experts and ensuring that your claim gets processed before it’s too late.
See If You're Eligible:
$32,220
Frequently Asked Questions
What is the Qualified Sick & Family Leave tax credit program?
The Families First Coronavirus Response Act (extended by the Consolidated Appropriations Act), and the American Rescue Plan offer tax credits to individuals through paid sick leave and extended family and medical leave for COVID-19-related reasons.
How will I recieve my Qualified Sick & Family Paid Leave wage credit?
The IRS will refund you for your 2020 and/ or 2021 tax credit via a check. Please note that if you have any outstanding tax liabilities, the refund will first be used to offset the tax balance.
Is this similar to the PPP program?
The PPP (Paycheck Protection Program), under the CARES Act, aids in retaining employees on payroll, offering loans potentially forgivable for small businesses. Qualified Sick & Family Leave wage credits, stemming from the FFCRA, Consolidated Appropriations Act, and the American Rescue Plan, provide tax credits for individuals without requiring repayment. While PPP targets business support, Qualified Sick & Family Paid Leave wage credits aim to assist individuals affected by the economic impact of missing work due to the COVID-19 pandemic.
Are there any deadlines for claiming the Qualified Sick & Family Paid Leave?
Yes. The deadline to amend your 2020 and/or 2021 tax return for claiming or adjusting Qualified Sick & Family Paid Leave credits is three years from the original due date of the return. For the Qualified Sick & Family Paid Leave wage credits, the deadline for amending your 2020 tax return is April 15, 2024, and for your 2021 tax return, it is April 15, 2025.
Is the Qualified Sick & Family Paid Leave wage credit a loan or a grant?
The Qualified Sick & Family Paid Leave wage credit functions as a tax credit, not a loan or grant. Tailored to address needs similar to those covered by mandatory paid leave for employees, these tax credits aim to provide compensation for income lost due to COVID-19-related circumstances. Whether you were sick, caring for someone affected by COVID-19, or facing conditions hindering your ability to work, these credits aim to alleviate the financial impact on your income.
Who is eligible for the Qualified Sick & Family Paid Leave wage credits?
To be eligible for Self Employed Qualified Sick & Family Paid Leave wage credits, you need to fulfill specific requirements. This includes being a self-employed individual, encompassing various categories such as sole proprietors, independent business owners, 1099 contractors, freelancers, gig workers, and single-member LLCs. Additionally, you must have filed a Schedule SE of IRS Tax form 1040 in either 2020 and/or 2021, showing a positive net income and the payment of self-employment tax on your earnings. Furthermore, qualification entails having missed work due to issues directly related to COVID-19.
What dates are eligible for Qualified Sick & Family Paid Leave wage?
Covid related paid time off is available as follows: up to 60 days – 12 weeks between April 1, 2020, and March 31, 2021.Up to 70 days - 14 weeks between April 1, 2021, and September 30, 2021.
Frequently Asked Questions
What is the Qualified Sick & Family Leave tax credit program?
The Families First Coronavirus Response Act (extended by the Consolidated Appropriations Act), and the American Rescue Plan offer tax credits to individuals through paid sick leave and extended family and medical leave for COVID-19-related reasons.
How will I recieve my Qualified Sick & Family Paid Leave wage credit?
The IRS will refund you for your 2020 and/ or 2021 tax credit via a check. Please note that if you have any outstanding tax liabilities, the refund will first be used to offset the tax balance.
Is this similar to the PPP program?
The PPP (Paycheck Protection Program), under the CARES Act, aids in retaining employees on payroll, offering loans potentially forgivable for small businesses. Qualified Sick & Family Leave wage credits, stemming from the FFCRA, Consolidated Appropriations Act, and the American Rescue Plan, provide tax credits for individuals without requiring repayment. While PPP targets business support, Qualified Sick & Family Paid Leave wage credits aim to assist individuals affected by the economic impact of missing work due to the COVID-19 pandemic.
Are there any deadlines for claiming the Qualified Sick & Family Paid Leave?
Yes. The deadline to amend your 2020 and/or 2021 tax return for claiming or adjusting Qualified Sick & Family Paid Leave credits is three years from the original due date of the return. For the Qualified Sick & Family Paid Leave wage credits, the deadline for amending your 2020 tax return is April 15, 2024, and for your 2021 tax return, it is April 15, 2025.
Is the Qualified Sick & Family Paid Leave wage credit a loan or a grant?
The Qualified Sick & Family Paid Leave wage credit functions as a tax credit, not a loan or grant. Tailored to address needs similar to those covered by mandatory paid leave for employees, these tax credits aim to provide compensation for income lost due to COVID-19-related circumstances. Whether you were sick, caring for someone affected by COVID-19, or facing conditions hindering your ability to work, these credits aim to alleviate the financial impact on your income.
Who is eligible for the Qualified Sick & Family Paid Leave wage credits?
To be eligible for Self Employed Qualified Sick & Family Paid Leave wage credits, you need to fulfill specific requirements. This includes being a self-employed individual, encompassing various categories such as sole proprietors, independent business owners, 1099 contractors, freelancers, gig workers, and single-member LLCs. Additionally, you must have filed a Schedule SE of IRS Tax form 1040 in either 2020 and/or 2021, showing a positive net income and the payment of self-employment tax on your earnings. Furthermore, qualification entails having missed work due to issues directly related to COVID-19.
What dates are eligible for Qualified Sick & Family Paid Leave wage?
Covid related paid time off is available as follows: up to 60 days – 12 weeks between April 1, 2020, and March 31, 2021.Up to 70 days - 14 weeks between April 1, 2021, and September 30, 2021.
Ready To Get Started?
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About My Business Concierge
As the premier business consulting group nationwide, My Business Concierge is dedicated to introducing innovative solutions that lower overhead, minimize tax liability, and fuel business growth.
My Business Conciege, LLC DOES NOT provide any legal or accounting advice and users of this web site should consult with their own lawyer and C.P.A. for legal and accounting advice.
Ready To See If You Qualify?
Still Have A Question? Schedule A Call.
© 2024 | Privacy Policy
About My Business Concierge
As the premier business consulting group nationwide, My Business Concierge is dedicated to introducing innovative solutions that lower overhead, minimize tax liability, and fuel business growth.
My Business Conciege, LLC DOES NOT provide any legal or accounting advice and users of this web site should consult with their own lawyer and C.P.A. for legal and accounting advice.