Introduction
During the COVID-19 pandemic, the government provided various relief programs to support businesses and employees. While these programs were beneficial, many self-employed individuals were left without adequate assistance. Recognizing this oversight, the government introduced the Self-Employed Tax Credit (SETC) under the Families First Coronavirus Response Act (FFCRA) to provide relief for self-employed individuals impacted by the pandemic up until April 2025.
What is the FFCRA Self-Employed Tax Credit?
The FFCRA Self-Employed Tax Credit is a financial lifeline for self-employed individuals who faced economic hardship due to COVID-19. This credit offers reimbursement for lost income resulting from quarantine or care responsibilities related to the pandemic. Eligible individuals can claim a credit equivalent to a percentage of their self-employment income, providing much-needed financial stability during uncertain times. For those who filed for taxes in the 2020 and 2021 tax years, they could be eligible to receive up to $32,220 for individuals, and $64,440 for couples who file jointly. Please note this credit is only available until April 2025, thereafter you will not be able to claim.
Eligibility for the Self-Employed Tax Credit
To qualify for the SETC, self-employed individuals must meet specific criteria. These include being unable to work due to COVID-19 symptoms or caring for someone with COVID-19, as well as having children whose schools or childcare facilities were closed due to the pandemic.
How to Claim the Self-Employed Tax Credit
Once eligibility is determined, you can reach out to your CPA who will file your paperwork manually to the IRS for a fee. Thereafter you'd wait for as much as six months to get your rebate from the IRS. Alternatively, you can click on the button below to apply for the credit in as little as 15 minutes. You will know how much refund you qualify for by answering a few questions about how you were impacted by covid. At the end of the application you will have two choices on how to receive your money: 1) You can choose to receive your refund upfront for a small fee once your application is approved by the IRS which can take as little as 15 business days, or 2) you wait for the IRS to send you a check which may take as much as 6 months.
Conclusion
The FFCRA Self-Employed Tax Credit offers a valuable opportunity for self-employed individuals to receive financial relief during the aftermath of the COVID-19 pandemic. By understanding the eligibility requirements and following the claim process, eligible individuals can take advantage of this important program.
Contact us
CFO Suite has been helping independent contractors and self-employed individuals in the community to access the SETC credit. They have a simple online tool that enables individuals to check eligibility, apply for the credit, get an instant estimate and submit the application to the IRS in less than 10 minutes. Most of their clients get their rebate in under 30 days
You can claim your rebate now using our online tool by Clicking the button below. You can also reach CFO Suite directly via email at tim@cfosuites.com
Media Contact
Company Name: CFO Suite
Contact Person: Tim Collins
Email:Send Email
Country: United States
Website: http://www.cfosuite.net/
