The SETC is a specialized tax credit designed to provide support to self-employed individuals during the COVID-19 pandemic. It acknowledges the unique challenges faced by those who work for themselves, especially during times of illness, caregiving responsibilities, quarantine, and related circumstances. This credit can be a valuable resource for eligible individuals to help bridge financial gaps caused by unforeseen disruptions.
DO YOU MEET THE MINIMUM REQUIREMENTS?
If you were self-employed in 2020 and/or 2021. Including:
Whether you battled COVID, experienced COVID-like symptoms, needed to quarantine, underwent testing, or cared for a family member affected by the virus, the SETC could be your financial relief.
Sub S or True S Corps / C Corps are not eligible for the SETC. This unique tax credit is exclusively available to business owners who filed a “Schedule C” or a Partnership (1065) on their federal tax returns for 2020 and/or 2021
Almost everybody with schedule C income qualifies to some extent.
Our CPA and EA's will need to file an amendment on your tax return. All we require from you is a copy of your 2019, 2020 and 2021 tax returns and a copy of your driver's license, and we’ll handle the rest.
The Sick and family Leave tax credit for self-employed and 1099 workers is for eligible self-employed individuals or independent contractors.
Under the FFCRA, eligible self-employed individuals or independent contractors could claim a refundable tax credit against their income tax liability for up to 100% of the qualified sick and family leave equivalent amounts, subject to certain limitations, if they were unable to work or telework due to COVID-19-related reasons.
The qualified sick leave equivalent amount was the lesser of either $511 per day or 100% of the average daily self-employment income for each day an individual was unable to work or telework because they were subject to a quarantine or isolation order, had COVID-19 symptoms and were seeking a medical diagnosis, or were caring for someone who was subject to a quarantine or isolation order or who had COVID-19 symptoms.
The qualified family leave equivalent amount was the lesser of either $200 per day or 67% of the average daily self-employment income for each day an individual was unable to work or telework because they needed to care for a child whose school or place of care was closed due to COVID-19.
To claim the tax credit, eligible self-employed individuals or independent contractors would report the qualified sick and family leave equivalent amounts on their 2019, 2020 or 2021 tax return, depending on when the leave was taken.
For the most part, all we require is your 2019, 2020 and 2021 tax return including your schedule C and a copy of your driver's license for identification.
Top Notch provides professional review and calculation of the SETC program for a flat rate of $1,700 contingent on clients' approval of their estimated credit.
Not at all. We basically have an agreement letter on our website that you’ll need to read, sign and date. You will also need to upload a copy of your 2019, 2020 and 2021 tax returns and a copy of your driver's license
We try to make the process as easy and stress-free as we can for you. Once we have your tax returns, we’ll take over and get everything filed for you.
Yes. This tax credit is for self-employed individuals, small business owners, freelancers, and 1099 contractors only.
There are a few factors that go into calculating your tax credit refund amount. The biggest factors would be:
Once we receive the necessary paperwork from you, we will begin to work on your case immediately and get all the forms filed, then it is up to the IRS to send you your refund directly to you.
We find for the most part that it usually takes 12–16 weeks to complete the process and receive your cash refund.
Please be advised that Top Notch ERC is not affiliated with, endorsed by, or in any way officially connected with the Internal Revenue Service (IRS) or any of its subsidiaries or its affiliates. The official IRS website can be found at www.irs.gov. The name “IRS” as well as related names, marks, emblems, and images are registered trademarks of their respective owners. Any references to the IRS on our website are made in the context of providing information or commentary about relevant topics and are for informational purposes only. We do not claim to represent or have any special relationship with the IRS. If you have any questions or concerns related to taxes or the IRS, we recommend contacting the IRS directly.
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