Unlock Significant Tax Savings with Available Credits for Self-Employed Professionals
The Self-Employed Ta:x Credit
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.
Key Eligibility Criteria
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
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.
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’re ready to apply, you’ll need a few tax documents, the date(s) that qualify you, and two completed documents from Gig Workers. Details about all of these documents can be found on your Gig Workers portal.
Brought to you by Gig Worker Solutions and powered by Anchor Gigworker SOLUTIONS ANCHOR
Contact Lloyd Bruce, Consultant to learn more or schedule an appointment.
314-276-3321 • LBruce@originalconsult.com
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