Introducing the Self-Employed
Tax Credit (SETC)
Were you self employed during
2020 and/or 2021?
You may get up to $32,220 in Tax Credits!
Create an account to get started.
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.
Almost everybody with Schedule C income qualifies.
Amidst the pandemic, millions grappled with COVID-related challenges, including illness, symptoms, quarantine, and caregiving responsibilities. If you found yourself in such situations, where COVID impacted your ability to work, the SETC was designed to be your safety net, but it’s not too late.
Self-Employed Status:
If you were self-employed in 2020 and/or 2021, you could potentially qualify for the SETC. This includes sole proprietors who run businesses with employees, 1099 subcontractors, and single-member LLCs. If you filed a “Schedule C” on your federal tax returns for 2020 and/or 2021, you’re on the right track.
COVID Impacts:
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. If the closure of your child’s school or daycare due to COVID restrictions forced you to stay home and impacted your work, we’re here to help.
Get Started With Your Application Today
We've partnered with Anchor Accounting Services
to bring you a seamless submission experience for your SETC application.
STEP 1:
Register a your account.
STEP 2:
Simply enter any disruptions to your
business due to COVID-19 during 2020 and/or 2021.
If you experienced any COVID-related disruptions to your business, you could qualify for the SETC. This includes illness, symptoms, quarantine, testing, and caregiving responsibilities. If you were forced to stay home due to the closure of your child’s school or daycare, you could qualify as well.
STEP 3:
Calculate and discover your potential tax credit amount.
Discover how much you could receive in tax credits by entering your information into our calculator. You could recover up to $32,220 in tax credits from 2020 and 2021!
STEP 4:
Submit your tax returns, and Anchor will do the rest.
Anchor's team of tax professionals will review your application and submit it to the IRS on your behalf. If you qualify, you'll receive your tax credit in the form of a refund or a reduction in your tax liability. If you don't qualify, you won't pay a dime.
Frequently Asked Questions
How Long Does it Take to Get the SETC Tax Credit?
It usually takes between 18-22 weeks to process the credit. Gig Worker Solutions has an Advance Option where you can get your money within 7-10 days.
What tax documents do I have to upload?
You need to provide your unaltered tax returns for 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 SETC as a W2?
No, the SETC does not apply to W2 employees or employers with W2s.
Is SETC a loan or a grant?
The SETC is not a loan or a grant, it’s a tax refund. You don’t pay it back and you don’t pay taxes on it.
How much does Gig Worker Solutions charge?
Gig Worker Solutions charge nothing up-front, just 20% AFTER you’ve received your check from the IRS
How much can I expect to get from the SETC?
We see an average funding of around $17k out of the maximum $32,220. This amount really depends on your income level as well as how many days the pandemic impacted your work. People with dependents also get more on average.
How can I claim the SETC?
To claim the SETC you will have to amend your tax returns for 2020/2021. You will need specialized CPA firm to do this, as most normal CPAs don’t know how to file for this credit. Gig Worker Solutions has partnered with Anchor Accounting Services to create a seamless application process where all the work is done for you at no up-front cost, and you only get charged 20% when you receive your money.
What is the deadline to claim SETC?
The deadline to claim the SETC for 2020 is April 15th 2024. For 2021 it’s April 15th 2025. However, the full amount potential of $32,220 is still available to the applicant until the program ends.
Is there a lot of paperwork to do?
Not at all. For Gig Worker Solutions to file on your behalf all you need to do is upload tax returns from 2020 and 2021, and we’ll take care of the rest.