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Self Employed Tax Credit SETC - If you were Self-Employed in 2020 or 2021and impacted by covid .......



Self Employed Tax Credit SETC

Minimum Eligibility Requirements

    1) Self-Employed in 2020 or 2021 *

   1099 / Single Member LLC / Sole Proprietor 

   Gig Worker / Independent contractor etc.

    2) Filed a Schedule SE with the IRS

          Net Profitable for 2020 or 2021 *

    3) Impacted by Covid * 

  • Being unable to work due to federal, state, or local shutdown orders or

  • Being placed in quarantine as a result of COVID exposure or

  • Took time off to look after family member who had Covid / or their children's School was closed.


  • * Eligibility Terms Apply


Up to $32,220 available per individual

  • That is up to 26 weeks of paid leave, if you were unable to work due to qualifying pandemic related reasons.

  • ​In order to help employees / individuals cope with the losses coming as a result of the pandemic, the government issued paid sick leave days that could be used for reasons related to COVID.

 

  • To account for these missed days for self-employed individuals*, the government started offering a credit for the amount of work days missed due to COVID complications *

 

* Eligibility Terms Apply


This is for ...

Artists / Barbers - Hairdressers / Photographers / Delivery / Rideshare drivers

Side hustlers / Mechanics / Realtors / Contractors / Personal Coaches / Landscapers

Proofreaders / Bookkeepers / Bloggers / Freelance Writers / Web  Developers / Graphic Designers / Consultants / Food Delivery Workers / Virtual Assistants / Childcare Professionals / Singer/Song Writers / ​Cleaners / Event Planners

Plus many many more




SETC Eligibility Chart
SETC Eligibility Guide

Self Employed Tax Credit SETC - Launched in March of 2020, the Families First Coronavirus Response Act (FFCRA) was passed by Congress to provide employees and self-employed individuals paid sick leave or paid leave caring for dependents due to the Covid-19 pandemic.  The Consolidated Appropriations Act later extended the FFCRA timeframe. Then in March 2021, the American Rescue Plan (ARP) released additional paid leave time to employees and self-employed individuals that missed work due to the Covid-19 pandemic. Qualified Sick & Family Paid Leave wage credits can apply to eligible self-employed individuals.




Contact Details for RPC Advisors

RPC Advisors are independent consultants  

This blog contains affiliate links for which we may receive compensation.

RPC Advisors does not provide legal or accounting advice.

Readers of this blog should consult with their lawyer and C.P.A. for legal and accounting advice.

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