Introduction
What is the Self Employed Tax Credit (SETC)?
The Self Employed Tax Credit (SETC) is a tax credit designed for self-employed individuals, freelancers, and small business owners who were affected by the COVID-19 pandemic. It is a refundable tax credit that can provide up to $32,220 in tax-free money.
How to Qualify for the SETC?
To qualify for the SETC, you must be self-employed and have self-employment income in 2020 and/or 2021. You must also have been affected by the COVID-19 pandemic, such as:
- Quarantining or isolating due to COVID-19
- Caring for a child whose school had closed or gone virtual
- Caring for someone with COVID-19 symptoms
- Getting a COVID-19 vaccination or experiencing side effects
How to Use the SETC?
The SETC can be used to offset your tax liability or provide a refund. You can use the credit to:
- Pay off debts
- Invest in your business
- Cover living expenses
- Save for the future
How to File for the SETC?
To file for the SETC, you will need to:
- Qualify for the credit by meeting the eligibility criteria
- Calculate your credit amount based on your self-employment income and COVID-19 affected days
- Prepare and file the necessary paperwork with the IRS
- Wait for your refund check to arrive
Frequently Asked Questions
Do I have to be self-employed to file for the tax credit refund?
Yes, the SETC is designed for self-employed individuals, freelancers, and small business owners.
Can I claim SETC tax credits if I am also a W2 employee?
Yes, you can claim SETC tax credits if you have self-employment income alongside your W2 earnings.
Is the Self-Employed Tax Credit (SETC) taxable?
No, the SETC is not considered taxable income.
Does filing for SETC tax credits impact filing my 2023 income taxes?
No, filing for the SETC tax credit will not affect your 2023 income tax filings.
If the tax payer and spouse both have self-employed income, can they both get the max $32,220 if they each qualify for the max?
Yes, if both spouses have self-employed income and individually qualify, they can each receive the maximum SETC of $32,220.
How much of a tax credit can I expect to receive?
The size of your SETC tax credit depends on your self-employment income, COVID-19 affected days, and other factors.
What are the fees I have to pay IRSplus and how do I pay them?
The client fee is a percentage of your total SETC refund. You can pay the fee upfront or in installments through PayPal.
What is PayPal Pay Later and what are my advantages?
PayPal Pay Later offers an affordable option to pay over 2, 6, 12, or 24 months. You can use it to pay your client fee in installments.
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