The Self Employed Tax Credit (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, care giving 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 will work 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. 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" or a Partnership (1065) on your federal tax returns for 2020 and/ or 2021, you're on the right track. Almost everybody with schedule C income qualifies to some extent.
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