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Faced challenges as a post COVID self-employed Individual? Count on our top-rated CPA firm and US tax attorneys to maximize your Self-Employment Tax Credit claim (SETC)
Self-Employed and work disrupted in 2020 or 2021 by COVID-19? Unlock potential $32,220 tax credit with The FFCRA.
- Fully refundable federal tax credit with no loan structure and no obligation for repayment
- Comprehensive Encryption Ensures Both Safety and Simple Transactions
- Optimize your SETC claim seamlessly by incorporating essential criteria with our proprietary software while ensuring full compliance.
- Our Automated Eligibility Questionnaire immediately qualifies you.
- Calculate your Total SETC Dollar amount with zero cost.
IRS Unveils Details: Self-Employed Tax Credits in Pandemic Times
Essential Reading for Comprehensive Understanding
Breaking Down SETC: A Guide to the FFCRA Tax Credit
The Families First Coronavirus Response Act (FFCRA), passed by Congress in March 2020 amidst the COVID-19 pandemic, aimed to extend unemployment benefits to "Eligible Employers." However, it's important to note that "Self-Employed Individuals" were not initially included in this provision. While the Employer Retention Credit (ERC) was an option, the Self-Employment Tax Credit (SETC) through the FFCRA was not yet accessible.
From ERC to SETC: Navigating the Tax Credit Spectrum.
Between December 2020 and April 2021, the FFCRA underwent a game-changing expansion with the CARES Act and the American Rescue Plan Act. This upgrade introduced the Self-Employment Tax Credit (SETC), enabling COVID-19-related Paid Leave for Self-Employed Individuals.
At CreditNest, our team of seasoned CPA’s and U.S. Tax Attorneys is excited to simplify this journey for you. We've streamlined the process, making it safe, easy, and swift for self-employed individuals—whether independent contractors, 1099 Schedule C’s, IBO’s, gig workers, freelancers, or Schedule K LLC’s—to access the FFCRA tax credit they rightfully deserve. Let CreditNest guide you through, ensuring you understand and leverage the benefits you may be eligible for.
Assessing Your Qualification:
Did Inability to Work Impact You?
Childcare
Quarantine
Vaccination
Illness
Effortless FFCRA (SETC) Filing with CreditNest: Simplifying Compliance
- Navigating FFCRA IRS Self Employment Tax Credit filing can be challenging. CreditNest's CPAs and Tax Attorneys streamline the process, eliminating complexity.
- Experience an efficient approach, saving you time and uncertainty so you can focus on your business while we handle your SETC claim.
- Our CPA’s & U.S. Tax Attorney manage your eligibility and IRS forms 7202 & 1040X with meticulous scrutiny.
- Our CPA’s sign off on each FFCRA (SETC) claim filed.
- Inclusive 5-Year Audit Support
Pricing Table
Maximize Your Refund: Uncover CreditNest’s 3 Plans, Perfectly Set for Big SETC Returns.
$500/Year
Personal Sick Leave
Personal Sick Leave: Compensation for missed work during the pandemic, covering illness, symptoms, vaccination appointments, quarantine or COVID-related situations.
Up to $511/day for 10 days in 2020 & 2021. Calculate Credit: Net Income/260 x days not worked, up to $10,220.
Get started
$250/Year
Care Taker Sick Leave
Care Taker Credit: If you cared for a sick family member and couldn't work, claim your credit.
Up to $200/day for 10 days in 2020 & 2021. Calculate Credit: Net Income/260 x 67% x days caring, totalling up to $4,000.
Get started
$1,000/Year
Family Care Leave
Tax Credit for Child Care: If you cared for child during COVID-19 due to daycare or school closures (Daycare through High School), including virtual learning, claim your tax credit for missed work in the pandemic.
Up to $200/day for 50 days in 2020 and 60 days in 2021. Calculate Credit: Net Income/260 x 67% x days caring, for a maximum credit of up to $22,000.
Get started
Refer and Earn with CreditNest:
Earn an immediate $100 for Every Sign-Up with your Referral Link!
Help your network of colleagues, co-workers, friends & family unlock the potential $32,220 Self - Employed Tax Credit (SETC)
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We Make It Easy
Our Simple 3-Step Process
1
We assess your qualification
Complete SETC eligibility, use our calculator, sign, deposit $500, and schedule with a specialist.
2
We've got your filing covered, stress-free
CPA verifies eligibility, processes returns; payment upon filing your SETC.
3
SETC Funds Incoming: Seamless Direct Deposit
IRS processes SETC in 3 weeks; payment via direct deposit follows.
See if you qualify in 10 easy questions!
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Frequently Asked Questions
1. What are SETC and FFCRA?
2. Which dates fall within the scope of FFCRA and SETC?
3. What circumstances allow individuals to claim FFCRA benefits?
4. How is the credit amount calculated?
5. What is the timeframe for receiving funds?
6. What is the total amount of the FFCRA credit?
7. Who does the IRS consider to be self - employed?
8. What exactly qualifies someone as a dependent?
9. Can individuals who have received unemployment benefits still qualify for the FFCRA income tax credit?
10. Are weekends part of the calculation?
11. If I didn't compensate myself for sick leave, do I still qualify?
12. Can I claim days for providing care to a child other than my own?
13. Does the credit still apply if my child's school shifted to online classes?
14. Will the refund be issued as a check, or will it be deposited into my account?
15. Is it possible to claim FFCRA tax credits if I am employed as a W-2 employee?
16. Why is it necessary to have positive tax earnings to be eligible for the FFCRA income tax credit?
17. How does the "Child or Other Dependent" tax credit work?
18. Is it possible for multiple parents or guardians to simultaneously claim FFCRA tax credits to care for a child when their school or place of care closed or went virtual due to COVID-19?
19. Is FFCRA considered a loan or a grant?
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