Episode 15- Self Employed Tax Credit (SETC / 1099) with Tom Bennett

In this episode of "Small Business, Big Moves,". Thomas Bennett go into detail on the Self Employed / 1099 Tax Credit (SETC). 

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Small Business Big Moves is a podcast where innovation meets entrepreneurship. Join Tom Bennett as he explores all things  business growth! From business funding and business tax credits to conversations with leaders who have grown successful and innovative businesses!

Transcript

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Welcome to Small Business Big Moves, the podcast where innovation meets entrepreneurship. I'm your host, Tom Bennett, and we'll explore all things business growth, from business funding and business tax credits to conversations with leaders who have grown successful and innovative businesses. Welcome to the show. Today is going to be a solo episode where we focus specifically on business tax credits with shield advisory group. One of the main areas that we focus on our business tax credits. And a common theme we see is that a lot of business owners and employees are not aware of some of the tax credits out there. So I wanted to shed some light on that and focus specifically on the self employed tax credit, also known as the 1099 credit. Which was put into place with the FFCRA, which is the Families First Coronavirus Response Act. And this is a credit that businesses and 1099 employees are still eligible for. So it's geared towards self employed workers or independent business owners that missed work due to COVID 19 or the pandemic. And you most likely qualify if you missed work due to quarantine, child care, illness, or vaccination. So some of those areas include federal, state, or local lockdown orders that related to COVID 19, quarantining, or isolation orders related to COVID 19. As well as with child care, caring for your child whose school had closed, or maybe even when remote or virtual, and other areas include illness, so if you had symptoms of COVID 19, or were seeking a medical diagnosis. If you experience sickness due to vaccination side effects, or even caring for someone with coven symptoms. So those are some areas they self employed or 1099 employees can qualify for this credit, and you have the opportunity to qualify for up to 32, 000. 220 in this credit. Some of the common examples of businesses that we've helped out or seen qualify for this include real estate firms, contractors, and construction companies, any sort of laborers, temp agencies, sales organizations, and call centers, ride share drivers, and delivery drivers, such as Uber, Uber Eats, Lyft. DoorDash, GrubHub, all those big names out there. Some of the travel agent firms, restaurants, barbershops, hair salons, and pretty much any other. Self employed or 1099 employed. So the SCTC is a tax credit that's empowering all self employed workers to claim every dollar that they earned. So this is really a way to unlock the quickest, most secure, and simplest solution that's crafted by our team of tax professionals. It's designed specifically for self employed individuals and sole proprietors. To access this Family First Coronavirus Response Act, also known as the FFCRA. And these tax credits that are for 1099 employees, they're credits that are rightfully theirs. And as I mentioned, most of these employees are not aware of them. So the FFCRA is actually a federal law that provides self employed individuals With tax credits that will reimburse them dollar for dollar for the cost of being unable to work due to COVID related issues. And when you really think about it, I would imagine just about any 1099 or self employed worker did have to miss time or have their job impacted due to the pandemic and COVID 19. So it's really a unique government initiative, right? The FFCRA is a sole program that returns cash directly to the self employed workers, and it's crucial to understand that this is not a loan, right? It's a straightforward refund of the taxes that you've already paid. So this is a program where you're eligible for this credit as long as you qualify. We'll work with you to handle that entire process, but it's a credit that you could be eligible for and do not have to pay back if you qualify. So Congress designed the F-F-C-R-A as a pivotal measure to aid some of these independent business owners, including sole proprietors, freelancers, and gig workers through the pandemic with a. Collective vision of building a more robust future. So it's really a way to benefit everyone. Right. And some of you may be thinking, Oh, is this is this credit too good to be true? Is this something that I may actually qualify for? It's absolutely true. The SCTC was specifically crafted to assist self employed and 1099 workers in the journey, really to rebuild and enhance their professional endeavors. So. Whether you're recovering from impacts of covid or aspiring to elevate your work to new heights, the F-F-C-R-A is really tailored to provide the support that you need. So studies actually reveal that more than 80% of self-employed individuals are unaware of their eligibility for these F-F-C-R-A tax credits. So over 80%. Of 1099 employees are not familiar with this credit. And with the eligibility of up to 32, 220, that's a significant amount of tax credit for any 1099 employee out there, regardless of what your income level is. And really, I do want to stress that the time to act on this credit is now, so if you want to receive The refund on your 2020 taxes. The deadline to amend your return is April 15th of 2024. And then to file for a refund on your 2021 taxes, you have until April 15th of 2025. So still a little time to claim the credit for 2020 2021 taxes, but we are running out of time quickly on the 2020 returns. And a little background on why you have until those dates is because there's a three year look back period where we can amend your returns. So those are the deadlines, April 15th of 2024 to claim on your 2020 taxes and April 15th of 2025 to claim on your 2021 taxes. So this really is a great credit for these nine and self employed contractors really to get the money that they deserve and that's out there available to them. So, With some of the years of experience with our teams dealing with IRS tax refund programs, we've really been on a mission to help entrepreneurs and self employed businesses fund their dreams. And we're able to do that with a reliable team where you'll actually experience a smooth and trouble free process. And our custom system actually effortlessly makes amendments to existing returns and resubmits them on your behalf. So once you're approved, the IRS actually issues a refund to you directly. We also gather only the essential information necessary to process your FFCRA. We're not asking for any extra documents or anything that's not going to help you qualify for this credit, and what we, what we need to get this done for you, and then we'll be able to get this sent through and get you qualified for the credit. So, Any, any 1099, any self employed contractor. This is a credit that I would definitely take advantage of and times right now. So get with us or get with someone that can handle this credit and see if they can help you out as well. That's going to be a wrap for this episode of small business, big moves. If you enjoyed today's episode, what would really help is if you shared this podcast with someone you think could get value out of it, and you can hit us up on all social media at Thomas Bennett, or subscribe to the show and review, if this is something that you got value out of, we look forward to seeing you on the next episode.