Navigating SETC for Independent Software Professionals

Software developers and programmers, often working as freelancers or independent contractors, can find valuable support in the Self-Employed Tax Credit (SETC). The SETC benefit is available for a variety of independent contractors and the popularity and high daily earnings of Software Professionals, such as programmers or developers, makes this industry stand out. 

Understanding SETC for Software Professionals

The eligibility of the SETC is quite straight forward, including Independent Working Status (such as a 1099 Contractor, freelancer, etc.) and disruption in work in 2020 or 2021 due to the COVID-19 pandemic. If you fall into the above classification, the benefit is then dependent on the number of days impacted and your daily earnings – both of which are capped at a certain amount. 

Filing for SETC: Steps to Follow

• Document Preparation: Gather all relevant tax returns and income documentation.
• Determine Eligible Days: Count the days of work missed due to COVID-19.
• File Efficiently with File-SETC.com: Use the platform for an easy filing experience.

Tips for Software Developers and Programmers

The best things for Software Developer and Programmers to do to prepare to file for the SETC is to obtain all of their previous tax and financial information, check calendars or past communications for work disruptions – either through sick leave or family impact – and be aware of the annual credit cap (of 60 days).