Dear Taxpayer,
The Self-Employed Tax Credit (SETC) is a critical resource tailored to aid self-employed individuals in coping with the challenges brought on by the ongoing COVID-19 pandemic. We recognize the urgency of your financial needs and are committed to ensuring that you do not miss out on this invaluable opportunity.
In partnership with Kane Accounting Service, we aim to help you navigate the complexities of the SETC application process swiftly. Whether you operate a self-employed business, work as a 1099 subcontractor, or manage a family-centric small business, the SETC can be the lifeline you require to bridge financial gaps caused by unforeseen disruptions.
Key Eligibility Criteria:
- Self-Employed Status: If you were self-employed in 2020 and/or 2021, you may be eligible for the SETC. This includes sole proprietors with employees, 1099 subcontractors, and single-member LLCs who filed a “Schedule C” or a Partnership (1065) on their federal tax returns for 2020 and/or 2021.
- COVID Impacts: The SETC is available if you faced COVID-related challenges such as illness, caregiving responsibilities, quarantine, or related circumstances. If the closure of your child’s school or daycare due to COVID restrictions affected your ability to work, we are here to assist you.
Important Note: Sub S or True S Corps / C Corps are not eligible for the SETC. This unique tax credit is exclusively available to business owners who filed a “Schedule C” or a Partnership (1065) on their federal tax returns for 2020 and/or 2021.
When you are ready to apply, you will need specific tax documents, qualifying dates, and two completed documents from Tax Prep Advocates, which can be found on your Tax Prep Advocates portal.
Frequently Asked Questions:
- What if I already filed my taxes for 2020 & 2021? We can file an amendment on your tax return with minimal effort on your part. Simply provide us with a copy of your 2019, 2020, and 2021 tax returns, along with a copy of your driver’s license, and we will handle the rest.
- What is the Sick & Family Leave Tax Credit? The Sick and Family Leave Tax Credit is designed for eligible self-employed individuals or independent contractors under the FFCRA. It allows a refundable tax credit for those unable to work due to COVID-19-related reasons.
- What documentation do I need to provide? Primarily, we require your 2019, 2020, and 2021 tax returns, including your Schedule C, and a copy of your driver’s license for identification.
- How much are your processing fees? Our fee structure is straightforward: an upfront processing fee of $395 covers the paperwork and securing your refund from the IRS. An additional 20% of your refund amount is due after you receive your refund.
- Do I have to fill out a lot of paperwork? No, the process is streamlined. You will find an agreement letter on our website to read, sign, and date. Additionally, you will need to upload your tax returns and a copy of your driver’s license.
- Do I have to be self-employed to file for the tax credit refund? Yes, this tax credit is exclusively for self-employed individuals, small business owners, freelancers, and 1099 contractors.
- How much of a tax credit can I expect to receive? The amount of your tax credit refund depends on factors such as your net income, the duration of your illness or quarantine, and caregiving responsibilities during COVID-19-related closures.
- How long before I will receive my cash refund? Upon receiving the necessary paperwork from you, we will promptly work on your case. Typically, it takes 12-16 weeks to complete the process and receive your cash refund from the IRS.
You might be eligible for huge tax credits from the federal government, filing deadline is fast approaching so visit http://1099.expert/free-eligibility-check/ to learn if you are eligible.
