We help Self Employed Individuals Get Up To $32,220 in SETC Tax Credit.
Did you experience income fluctuation due to COVID-19?
You may be eligible for up to $32,200 in tax credits (and up to $64,400 for married couples filing jointly) for tax years 2020 & 2021, regardless of your credit score.
Click “Get Started” to discover what you’re owed.
What is SETC?
The SETC is a tax credit established to support self-employed individuals facing financial hardship due to COVID-19. Many accountants may not be familiar with this program, so it’s important to be aware of your eligibility.The government has set aside millions in tax credits for self-employed individuals like you, affected by the COVID-19 pandemic.
Unfortunately, many accountants did not (and still do not) know this exists! So, when we discovered this hidden treasure in 2023, we decided to change it.Since then, we’ve partnered with Anchor Accounting Services to create a seamless experience to return over $250 million to self-employed professionals.
Just fill out this form and someone from our team will get in touch.
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Over 80% of eligible gig workers, freelancers, independent contractors, and sole proprietors have never heard of the self-employed tax credits available through the Families First Coronavirus Response Act (FFCRA).
Frequently Asked Questions
Who Can Claim the SETC?
The Self-Employment Tax Credit (SETC) is designed for self-employed individuals such as independent contractors, freelancers, gig workers, and small business owners who are subject to self-employment taxes
Are There Income Limits?
You don’t need to worry about income limits to get the SETC. What matters is how much you make each day from self-employment, as this will determine the credit you’ll receive. Just make sure you’ve shown a profit from your self-employment on Schedule SE in either 2020 or 2021 to be able to claim the credit.
Do I Need to Be a U.S. Citizen?
Yes, you must be a U.S. citizen, permanent resident, or qualifying resident alien to claim the tax credit.
What’s the Process for Claiming the SETC
To claim the SETC, you need to file IRS Form 7202 along with an amended income tax return (IRS Form 1040-X) for each year that applies. See Instructions for Form 7202 on the IRS’s website for more information.
Once filed, the IRS will acknowledge their acceptance of your claim within about three weeks and begin processing it. The IRS will then issue a refund via check or direct deposit.
What Tax Forms Do I Need to Submit?
There are two tax forms you need to submit for each year that applies. The first is IRS Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals. This form captures your eligibility information and calculations.
The second tax form is IRS Form 1040-X, Amended U.S. Income Tax Return. You’ll attach your completed Form 7202 to this document.
Note that if you filed joint tax returns and both you and your spouse are eligible self-employed individuals, you must complete separate Form 7202s for each amended return.
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