Services

Self-Employment Tax Credit (SETC) Services

 

At Pinnacle Minds, our team of experienced former IRS Auditors can put their nearly two decades of knowledge to work to help your business reach and exceed its financial growth goals. We navigate the complicated world of the Self Employment Tax Credit with you, ensuring you receive the maximum SETC that you’re entitled to. As your trusted partner, we simplify the process, save you valuable time and resources, and provide the financial insights and support your business needs to thrive. Choose Pinnacle Minds for your SETC needs today and ignite your success!

What is the Self-Employment Tax Credit (SETC)?

Congress passed the SETC (aka FFCRA) in the CARES act in 2020, making self-employed individuals entitled to receive up to $32,220 if they experienced any of the following during 2020 or 2021 related to the pandemic:

  • Illness
  • Quarantine
  • COVID-19 symptoms
  • Testing
  • Being forced to miss work because of your child’s school or daycare closures
  • Caregiving responsibilities for your child or a loved one

Let the knowledgeable former IRS Auditors at Smart SETC find out if you qualify today!

The Deadline to File is Approaching! What You Need to Do Next

Access to the 2020 SETC will expire soon, and the 2021 SETC expires on April 15, 2025. Due to the ever-changing political landscape, there is also a chance that the SETC program could end prematurely. So don’t miss your opportunity to work with the former Tax Auditors at Smart SETC and claim this valuable tax credit in full now!

Thrive with the SETC:

If you’re self-employed, every dollar counts… especially during difficult economic times. The Self-Employment Tax Credit can act as a financial lifeline for people who worked for themselves during the COVID-19 pandemic of 2020 and 2021. Learn even more about the Self-Employment Tax Credit by speaking with a former IRS Auditor at Smart SETC today!

Frequently Asked Questions

  • What is the SETC tax credit?

    The Self-Employed Tax Credit (SETC) is a special tax credit designed to provide financial assistance to self-employed individuals who were affected by the COVID-19 pandemic. It is part of the Families First Coronavirus Response Act (FFCRA) of March 2020.

  • What is the FFCRA?

    The Families First Coronavirus Response Act (FFCRA) was signed into law on March 18, 2020, in response to the economic impact of the pandemic. It mandated employers to provide paid sick leave to employees affected by the pandemic and provided tax credits for doing so. It also allows self-employed individuals to claim these tax credits, which many people have not yet done.

  • Who qualifies for the SETC?

    You can qualify for the SETC if:

    1. You were self-employed during 2020 and/or 2021
    2. The COVID-19 pandemic affected your work
  • What tax documents do I have to upload?

    You need to provide your unaltered tax returns for 2019, 2020, and 2021.

  • Who is considered self-employed?

    You are considered self-employed if you’re a sole proprietor, 1099 subcontractor, single-member LLC, freelancer, independent contractor, gig worker, etc.

  • Can I claim the SETC if all my income was reported on a W2?

    No, the SETC does not apply to people that solely have W2 employment nor to any employment that issued you a W2.

  • Is SETC a loan or a grant?

    The SETC is not a loan or a grant; it’s a tax credit. You don’t pay it back, and you don’t pay taxes on it.

  • How much can I expect to get from the SETC?

    The average funding is around $17,000 out of the maximum $32,220. This amount depends on your income level and how many days the pandemic impacted your work. People with dependents also are eligible to claim more SETC on average.

  • How can I claim the SETC?

    To claim the SETC, you will have to amend your tax returns for 2020/2021. The skilled former IRS Auditors at Smart SETC can help you through the process, including creation of applicable forms and assistance in filing.

  • Is there a lot of paperwork to do?

    Not at all. For Smart SETC to file on your behalf, all you need to do is:

    1. Upload tax returns from 2019, 2020, and 2021;
    2. Answer some qualifying questions; and
    3. Then our former IRS auditors will take care of Form 7202 for you and help you compile all your supporting documentation.