You may be eligible for a refundable tax credit that could save you up to $64,000. Under two pieces of legislation passed related to COVID-19 relief, collectively called the Self-Employed Tax Credit (SETC), the credit allows qualified self-employed individuals to save by amending their 2020 and 2021 tax returns.
This tax credit is designed to offset pandemic losses.
Eligibility Requirements:
You or your spouse were unable to operate your small business due to one or more of the following:
- Having COVID-19
- Being subjected to government quarantine/stay-at-home orders
- Caring for another individual, including children, who had COVID-19 or was forced to quarantine
- Having to care for a child due to restrictions on available childcare caused by the Pandemic
For more information on the Self-Employed Tax Credit, please see the link below:
IRS Self-Employment Tax Credit FAQ’s
The deadline to claim this refund is April 15th, 2024. For individuals seeking expert advice on eligibility and assistance applying for this tax credit, our Income Tax team is here to help. Our team handles all types of tax concerns including Tax Planning, Tax Preparation, Accounting & Bookkeeping, International Tax, and IRS Concerns. Contact us today for more information.
