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You may be eligible for up to $32,220 in tax credits from 2020 & 2021
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.
Understanding the unique circumstances that self-employed individuals face, we’ve partnered with Anchor Accounting Service to ensure that you don’t miss out on this invaluable opportunity. Whether you’re a self-employed business owner, a 1099 subcontractor, or a family-centric small business, the SETC holds the potential to bridge the gap left by more traditional forms of support.
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” or a Partnership (1065) 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.
Important Note:
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
When you’re ready to apply, you’ll need a few tax documents, the date(s) that qualify you, and two completed documents from Gig Workers. Details about all of these documents can be found on your Gig Workers portal.
If you already get benefits from Social Security or the Railroad Retirement Board (RRB), you automatically get Part A and Part B starting on the first day of the month you turn 65 (if your birthday falls on the first day of the month, Part A and Part B will start on the first day of the previous month).
If you’re under 65 and disabled, you’ll automatically get Part A and Part B after you receive Social Security disability benefits or certain disability benefits from the RRB for 24 months.
If you have ALS (amyotrophic lateral sclerosis, also called Lou Gehrig’s disease), you’ll automatically receive Part A and Part B the month your Social Security disability benefits begin. If you are automatically enrolled, you will receive your red, white, and blue Medicare card in the mail 3 months before your 65th birthday or 25 months of disability benefits. If you do nothing, you’ll keep Part B and have to pay
Part B premiums through your Social Security benefits. You can choose not to keep Part B, but if you decide you want Part B later, you may have to wait to sign up and pay a penalty as long as you have Part B.
Important Note
If you live in Puerto Rico and receive benefits from Social Security or the RRB, you will automatically get Part A on the first day of the month you turn 65 or after receiving disability benefits for 24 months. However, if you want Part B, you will need to enroll by completing an “Application for Enrollment in Part B Form” (CMS-40B).
Manual Enrollment
If you’re close to age 65 but don’t get Social Security or Railroad Retirement Board (RRB) benefits, you’ll need to sign up for Medicare by contacting Social Security 3 months before you turn 65, or you can apply online. If you worked for a railroad, you will need to contact the RRB. In most cases, if you don’t sign up for Part B when you’re first eligible, you may have a delay in getting Medicare coverage in the future (in some cases, more than a year), and you may have to pay an enrollment penalty as long as you have Part B.
If you have End Stage Renal Disease (ESRD) and want Medicare, you will need to register. Contact Social Security to find out when and how to sign up for Part A and Part B.
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.
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!
