The timeframe for filing the Self-Employed Tax Credit (SETC) claim is crucial for self-employed individuals, including Gig Workers, 1099 contractors and more, looking to benefit from this provision.
Key SETC Filing Timeframes:
There are a couple of things to consider for the timeframes of the SETC filing. First off, there were two timeframes in which you can file for (meaning the tax year that these took place in) and have a period of time to claim them by (including April 2024 and April 2025).
- Initial SETC Availability: The SETC was introduced as part of The Families First Coronavirus Response Act and later extended by the American Rescue Plan Act, reflecting the ongoing impact of the COVID-19 pandemic on the self-employed sector.
- Claiming SETC for 2020: For the tax year 2020, the deadline for claiming the SETC is April 15, 2024. It’s important to note that this deadline is firm, and failing to claim within this period could result in the forfeiture of the credit for that year.
- 2021 SETC Tax Credits: For the tax year 2021, the credits remain available until the following year. This extension provides additional time for self-employed individuals to organize their records and file for the credit.
SETC Filing Process:
When filing for the SETC, self-employed individuals must accurately report their income and provide documentation for the periods they were unable to work due to COVID-19 related reasons. More details can be found on the IRS website on the SETC. To streamline the SETC Process, File-SETC.com has an easy-to-use 3-step filing process where our team of professionals handles the difficult