Self-employed individuals who experienced income loss due to the COVID-19 pandemic in 2021 may still be eligible to claim significant tax credits, but the clock is ticking. The Sick Leave and Family Leave Tax Credits, established by the Families First Coronavirus Response Act (FFCRA) and expanded by the CARES Act, offer potential relief to those who missed work due to quarantine, illness, caring for sick family members, or business shutdowns.
The deadline to claim these credits is three years after the original tax filing deadline. For the 2021 tax year, this means self-employed individuals have until April 18, 2025, to amend their returns and potentially receive a substantial refund.
The amount of the credit is based on factors like average daily self-employment income and the number of days missed due to qualifying COVID-19 related reasons. The IRS recommends seeking professional guidance when amending tax returns to claim these specialized credits. Individuals can consult with their CPA or explore free eligibility checks through services like SETC Pros.
SETC Pros, led by Top 40 Under 40 Lawyer Ryan J. Umina features a team of tax experts and business professionals dedicated to helping self-employed Americans navigate this process. Their proprietary software extracts verified IRS data to pre-fill forms, eliminating the need for manual document uploads.
This service comes at no upfront cost, with a service fee collected only after clients receive their refund. For those with back taxes exceeding their potential refund, SETC Pros offers reduced pre-payment options to help individuals utilize their refunds effectively.
With millions of potentially eligible self-employed Americans, these tax credits represent a crucial opportunity for financial relief.
About SETC Pros
SETC Pros is a leading provider of tax credit recovery services for self-employed individuals. Led by a team of experienced tax professionals and utilizing cutting-edge technology, SETC Pros is committed to helping Americans maximize their refunds and navigate the complexities of tax regulations.
We are dedicated to providing exceptional service to ensure you get the tax credit refund you’re entitled to. In the rare event that we can’t secure your refund, rest assured you won’t face any financial burden. We take on all the risk.
