We will need to file an amendment on your tax return. We do this all the time. All we require from you is a copy of your 2019, 2020 and 2021 tax returns and a copy of your drivers license and we’ll handle the rest.

Self-employed individuals or independent contractors can qualify for the Sick and Family Leave tax credit catered specifically for them. Established by the FFCRA, it allows these eligible individuals to claim a refundable tax credit — as high as 100% — on their income tax for the equating amounts of qualified sick and family leave. They’re eligible if a work or telework hiatus happened due to reasons associated with COVID-19, although there are certain restrictions. For the qualified sick leave, the amount for the credit was the lesser of two values: $511 per day or the average daily self-employment income. The qualifying reasons for an inability to work or telework included: undergoing a quarantine or isolation directive, presenting COVID-19 symptoms that led to seeking medical attention, or providing care for a person with a quarantine order or having symptomatic COVID-19. The defined family leave had a slightly different range, providing the less between $200 per day or two-thirds of the average daily self-employment income. To qualify, the contractor or self-employed individual had to provide care for a child. The school or care setting of that child needed to have been shut down as a consequence of COVID-19. To receive this tax credit, two conditions must be met. Firstly, the taxpayer must be an eligible contractor or self-employed individual. Secondly, these parties must disclose the value of the qualified sick and family leave on their tax returns from 2019, 2020, or 2021. The year is contingent on when the leave was employed in their calendar. The tax allowance continues supporting those affected by the pandemic, providing some financial respite during challenging times.

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It can take up to three weeks for the IRS to acknowledge their acceptance of your SETC claim and 20 weeks for the IRS to process your SETC claim and issue your checks or direct deposit. However, our clients typically receive their refund in about nine weeks. Clients who opt for direct deposit may receive their refund even sooner.

It can take up to three weeks for the IRS to acknowledge their acceptance of your SETC claim and 20 weeks for the IRS to process your SETC claim and issue your checks or direct deposit. However, our clients typically receive their refund in about nine weeks. Clients who opt for direct deposit may receive their refund even sooner.

The IRS considers self-employed individuals to be those whom the following applies: You carry on a trade or business as a sole proprietor or an independent contractor. You are a member of a partnership that carries on a trade or business. You are otherwise in business for yourself (including a part-time business or a gig worker).

Our services, to get your estimate, to apply to be pre-qualified with a CPA, are free. Once you are qualified, you will get to choose between paying up front or after you get your credit. Our CPA firm charges 16% of your credit + a processing fee and gives the option to pay one or both later for a small fee.

A Schedule SE tax form is one of the schedules in an IRS Form 1040 (“U.S. Individual Income Tax Return”). A Schedule SE is used to calculate individuals’ total self-employment taxes. Self-employment taxes include Social Security and Medicare taxes, similar to those withheld for W-2 employees.

An IRS Form 1040-X is an “Amended U.S. Individual Income Tax Return.” Since the FFCRA’s sick leave and family leave tax credits for self-employed individuals now have to be claimed retroactively, claimants must also amend their income tax returns. Note: When you use the Claim MyCredit portal (SETC Self-Service Platform) your IRS Form 1040-Xs are filed on your behalf.

An IRS Form 7202 is the core document used to claim sick leave and family leave tax credits for self-employed individuals. 7202s are meant to detail self-employed individuals’ eligibility and tax credit calculations. When you use the Claim My Credit Portal your IRS Form 7202 is filed on your behalf.