self-employed tax credit / refund (setc)

self-employed tax credit / refund (setc)

Calling all self-employed individuals! Good news – the self-employed tax credit/refund (SETC) can now put those hard-earned bucks back in your pocket. Find out how to claim this sweet deal and make those tax returns a little less taxing.

Who qualifies for ERC tax credit?

Who qualifies for ERC tax credit?

Who qualifies for the ERC tax credit? The answer may leave you feeling overwhelmed, frustrated, and struggling. In the midst of confusion, many hardworking individuals are left wondering if they’ll benefit, clinging to hope. The system needs clarity, empathy, and fairness to uplift those who deserve it most.

setc tax credit irs

setc tax credit irs

Title: Understanding the SETC Tax Credit: An Informative Overview

Excerpt:
The SETC Tax Credit, administered by the IRS, offers a valuable incentive for employers hiring individuals from targeted groups. This academic article provides insight into the key aspects of this program, its eligibility criteria, and how it can benefit both employers and qualifying employees.

Is 50% of self-employment taxes deductible from self-employed income?

Is 50% of self-employment taxes deductible from self-employed income?

It’s a cruel twist of fate for self-employed individuals who pour their hearts into their work – only to be slapped with exorbitant self-employment taxes. But hope lies in the form of a potential deduction. Can we rejoice, or is it just another cruel tease, dangling before us a mere 50% deduction? Cries of frustration and elation mingle, as the battle against the taxman rages on.

setc irs

setc irs

The concept of “setc irs” has emerged as a significant topic in recent literature. This academic article aims to provide an analysis of the implications of setc irs in various industries. Stay tuned to gain insights into the potential benefits and challenges associated with this innovative concept.

What happens if you are self-employed and don’t file taxes?

What happens if you are self-employed and don’t file taxes?

Title: The Daunting Reality of Ignoring Tax Obligations When Self-Employed

Excerpt:
Behind the facade of entrepreneurial freedom lies a dark abyss for those who dare dismiss their tax responsibilities. With each unfiled tax return, the weight of consequences grows heavier, crushing dreams and propelling lives further into chaos. As the walls close in, the haunting truth emerges – the pursuit of success cannot thrive amidst the suffocating grip of willful neglect. Blissful ignorance morphs into catastrophic despair, leaving self-employed individuals stranded in an unsympathetic labyrinth where every step leads to ruin.

self employed tax credit setc 2023

self employed tax credit setc 2023

Attention all self-employed individuals! Get ready to save big on your taxes in 2023 with the newly introduced Self-Employed Tax Credit (SETC). This game-changing initiative offers significant financial relief, allowing you to keep more of your hard-earned money. Don’t miss out on this opportunity to lighten your tax burden and take control of your finances. Stay tuned for more updates on how the SETC can benefit you!

How to Calculate the Home Office Deduction

How to Calculate the Home Office Deduction

If you’re a business owner or self-employed, you may be eligible for the home office deduction. Don’t miss out on potential tax savings! In this article, we’ll guide you through the steps to calculate this deduction and help you boost your bottom line. Let’s get started!

IRS PROGRAMS

IRS PROGRAMS

Are you ready to dive into the mysterious world of IRS programs? Brace yourself for a rollercoaster ride of tax codes, deductions, and audits, sprinkled with a pinch of hope and a dollop of anxiety. Get your tax superhero cape on, because we’re about to navigate the labyrinth of bureaucratic jargon and emerge victorious!

Tax Relief

Tax Relief

Title: Unveiling the Empowering Symphony of Tax Relief

When the burden of taxes tugs at the strings of our everyday lives, a melodic remedy emerges. Tax relief, an orchestra of financial respite, dances to the rhythm of economic fairness. With its harmonious notes, it navigates a path towards economic empowerment, giving individuals and businesses a chance to breathe, dream, and flourish. In this article, we unravel the intricacies of tax relief and explore its ethos, impact, and the harmonious interplay it creates between citizens and the state. So tune in, for a symphony of financial serenity awaits!

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GET STARTED
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SEE HOW MUCH YOU QUALIFY FOR
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START YOUR CREDIT

Helping independent business owners get every dollar they deserve.

Our team of tax experts are here for small business owners to claim the federal FFCRA tax credits commonly known as the Self Employment Tax Credit (SETC). Get up to $32,220 back!

For 2019, 2020 and 2021 Enter your Net Income for Each Year:

To find your self-employed income for taxes, check your Schedule C, specifically “Line 31 – Net Profit or (loss).” This is your total income before deductions, combining earnings from all your jobs.

For 2020 and 2021 how many DAYS per YEAR did you sacrifice working in your business because you had COVID 19, had COVID 19 symptoms, a COVID 19 related illness and / or were told to quarantine because you were exposed or affected by COVID 19.

If you had COVID-19 and took time off between April 1, 2020, and March 31, 2021, or between April 1, 2021, and September 30, 2021, you can claim up to 10 days in each period.

For 2020 and 2021 Enter the DAYS per YEAR you sacrificed working in your business because of care for #1 your minor (under the age of 18 or a child with severe disabilities) child’s school or daycare closed, your child out was sick, or your child was told to quarantine due to COVID 19 and / or #2 for the same reasons you cared for another over 18 individual(s).

If you cared for someone between April 1, 2020, and March 31, 2021, you can claim up to 50 days. From April 1, 2021, to September 30, 2021, you can claim up to 60 days.

As per IRS guidelines, you are NOT required to provide proof of a positive COVID-19 test or your COVID-19 status when submitting your filing. Instead, you are confirming IN GOOD FAITH that you experienced COVID-19, its symptoms, related illness, or quarantine, resulting in the inability to work and earn income. While no specific evidence is needed for filing, it’s advisable to retain certain records for your records. These might include a positive COVID-19 test result, a healthcare provider’s note about your positive test or symptoms, or documentation indicating quarantine. Also, remember that maintaining records of non-working days due to COVID-19 exposure or symptoms could be beneficial, such as data from your business software or bank statements reflecting the absence of sales deposits during that period. You can trust our simplified process to account for your circumstances accurately and fairly.

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