The Self-Employed Tax Credit (SETC) is a critical resource for anyone with Schedule C income, freelancers, gig workers, and 1099 filers impacted by the COVID-19 pandemic. Unlike programs like PPP or ERC, which were tailored for businesses with W-2 employees, SETC was created specifically to help self-employed individuals recover lost income during periods of illness, caregiving, or school disruptions. Here’s how you can benefit from this underutilized program.
Take 10 to 15 minutes to see if you may qualify for up to $32,220. The SETC allows eligible taxpayers to claim credits for up to 10 days of personal disruption or caregiving and up to 50-60 days for childcare or dependent disruptions caused by school or daycare closures or other caretakers. With refunds retroactively applied to 2020-2021 tax filings, the IRS offers overpayment refunds with interest. Applications for this credit are accepted through April 2025.
Five Key Points:
- Who Qualifies: Freelancers, 1099 workers, and self-employed individuals impacted by illness, caregiving, or childcare disruptions during COVID-19.
- Claiming the Credit: Submit IRS Form 7202 with your federal tax return or as an amendment (Form 1040X) to claim up to $32,220.
- Simplified Process: The program requires no upfront fees, streamlined enrollment, and integration with IRS systems for secure and accurate filing.
- Childcare Benefits: Claim up to 50-60 days for disruptions caused by school or daycare closures, with no specific date documentation required.
- Deadline: Applications close in April 2025, and funds are distributed with interest on overpayments.
Don’t leave money on the table! Visit – https://setcrefund.
Take advantage of this opportunity to recover lost wages at no upfront cost—act now before the fund runs out!
Randy Mortensen
