Self-Employed Tax Credit
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What Is It?
The Self-Employed Tax Credit (SETC) is a specialized tax credit designed to provide support to self-employed individuals during the COVID-19 pandemic.
Key Eligibility Criteria
- Self-Employed Status: If you were self-employed in 2020 and/or 2021, you could potentially be eligible. This includes sole proprietors who run businesses with employees, 1099 subcontractors, and single-member LLCs.
- COVID Impacts: If you battled COVID, experienced symptoms, needed to quarantine, underwent testing, cared for a family member affected by the virus, or your child's school/daycare closed and you were forced to stay home, you could be eligible.
- Important Note: Sub S or True S Corps/C Corps are not eligible. This unique tax credit is exclusively available to business owners who filed a "Schedule C" or Partnership (1065) on their federal tax returns for 2020 and/or 2021.
