Watch the Video above.
Update on SETC Self Employment Tax Credit – a couple of notes here.
You need to apply for this as soon as possible if you qualify, however, you have
technically until April 15 2025 to file for both 2020 and 2021 or October
2025 if you filed an extension for 2021.
There are several key things at work here to see if you qualify.
The first were you self employed or paid on a 1099 Form in 2019, 2020 or 2021.
If so, the amount on your Schedule SE Line 31 is used to calculate
what credit you receive back. Or Line 6 on Schedule C
Quick note: If what you earned in 2019 was more than 2020 you can use
2019 earnings in place of 2020.
If you had kids out of school you can get up to $200 a day for 50 days for kids under 18 (in 2020)
it is 60 days for 2021.
Now if you had Covid yourself or had to quarantine you can get up to $511 per day for
up to 10 days.
You can also claim a credit for being home taking care of a relative
for 10 days (up to $200 a day)
I am hearing it is taking about 6 months or a little longer to receive your refund. That’s the bad part,
the good part is you’re earning about 8% interest going back to when you originally filed.
So for example let’s say you file now for 2020 and 2021 and get you receive your money
about Oct. 15th of this year and let’s say you get $10k for each of those years.
You would earn about 3 and 1/2 years of 8% for each year or a total of $2800 for
2020 and You would earn about 2 and 1/2 years of 8% for each year or a total of $2000 for
2021 or about $4800 total in interest.
Here’s the point even if you don’t think you earned enough to make it worth while filing with
this, on average of 3 years interest at 8%. This just might put you into a nice profit
scenario. You should have a link in your back office for yourself or to send others to use that
looks like this.
You can check out more watch a video and even apply for SETC. CPA’s Will contact you
click on the link below: