What is SETC?
The Self-Employed Tax Credit (“SETC”) was created by Congress in response to the COVID-19 pandemic to provide relief to sole proprietors, 1099 contractors, freelancers, single-member LLCs, gig workers, and other self-employed workers. This historic legislation recognized the financial blow dealt to self-employed Americans as a result of government ordered shutdowns, quarantine, illness, caregiving, or other income reducing events. Please note, your refund amount can be based upon your 2019 income if higher. The deadline to claim your year 2020 tax credit expires May 17, 2024.