Did You Receive Your $32,200 Tax Credit?
Everyone in this country felt the impact of the Covid-19 Pandemic. It was a once in a century occurence. And as the country shut down businesses, business owners and self employed were all affected.
Everyone has seen the ads for government help for businesses. The federal government rolled out a number of programs in response to the pandemic under the CARES Act. The first was the Payroll Protection Plan (PPP) loan program for employers with under 500 employees. Keep in mind those loans became forgiveable and most businesses did not have to repay them. They then promoted the Employee Retention Credit (ERC) to employers for retaining their employees. Employers were able to collect up to $26,000 per employee they kept on the payroll during the pandemic. (Note: This was primarily essential workers and the business owner did not qualify for this program).
What's important to keep in mind is that the federal government put aside $4.6 Trillion to bring relief to businesses and business owners--keeping the U.S. economy afloat. But, if you were self-employed (working for yourself) with 1099 or Schedule-C income on your tax returns, you had no relief until now.
The Family First Coronavirus Response Act (FFCRA) as part of the CARES Act offered the Self-Employment Tax Credit (SETC). This was put in place to help self-employed individuals that were impacted by the pandemic. The criteria to qualify is: 1) impacted by the pandemic and 2) was self-employed during 2020 and/or 2021 (1099 or Schedule-C income). This little-known tax credit is due to expire in 2025 or when the funds are depleted. Probably 85% of self employed individuals are unaware it applies to them and most accountants and tax preparers do not file for it.
Our partner, one of the largest specialized tax accounting firms in the country are delivering tax benefits to businesses and individuals alike. The maximum refund for the SETC is $32,200. This is not a loan and can be used as the individual sees fit. There is no cost to determine if you're eligible, in fact, no fees are charged until after you receive your refund.
Just imagine what a check for $20,000, $25,000 or $30,000 could mean to you right now.
You can find out how much you qualify for here: www.SETCAPPLY.com
And, if you're thinking team-building, that's available as well. www.SETCREFER.com
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