Molly Greene, Marketing Director of Freedom Group, is on a mission to help small businesses as much as possible. That’s why she has been spreading the word about a little-known tax credit that can help small business owners, entrepreneurs, 1099 independent contractors, and freelancers receive thousands of dollars from the federal government — but only for a limited time.
“The Self-Employed Tax Credit (SETC) is the final great opportunity to support self-employed professionals from COVID-19,” Greene explains. “This tax credit first came to my attention when we were promoting similar initiatives during COVID-19, like the Employee Retention Credit (ERC) for business owners with W2 employees.”
What is the Self-Employed Tax Credit (SETC)?
The SETC is a government program that provides monetary compensation for wages that self-employed individuals lost in 2020 and 2021 due to the COVID-19 pandemic. These small business owners may have lost income due to getting sick, caring for others, or complying with lockdown orders during this time. In other words, the tax credit seeks to compensate these individuals for the earnings they would typically have expected to receive but lost through no fault of their own.
Up to $32,220 can be recovered through this program.
“$50 billion was allocated by the Government to help support self-employed professionals,” Greene explains. “This is the FINAL Tax Refund relief program available from COVID-19. Just like the Paycheck Protection Program (PPP) Loans, Economic Injury Disaster Loans (EIDL), and Employee Retention Credits (ERC) before this, the SETC is a real and once-in-a-lifetime opportunity. And best of all, this is NOT a loan, and it is completely tax-free. The funds you receive are yours to keep.”
That’s why Freedom Group partnered with GigWorkers Solutions to help eligible self-employed individuals claim the refund to which they are entitled.
A fast, simple way to claim the SETC
“We have automated and streamlined the application process to help small businesses recover the funds owed to them,” Greene says. “The process only takes ten minutes. Our business consulting, accounting, and technology backgrounds make us a perfect fit to help make this vision a reality.”
Freedom Group and GigWorkers Solutions’ website provides a fast, simple way for self-employed professionals to determine whether they qualify for this tax credit and, if so, claim it.
“To date, we have helped recover over $600 million in funds for our clients,” Greene says. “We process more than 10,000 applications daily.”
Benefits of using Freedom Group
In Greene’s experience, many eligible individuals are unaware that the SETC even exists.
“The government provided few resources on the program’s eligibility and application process,” she says. “The amendment building and submission of SETC is a highly specialized tax program that even most CPAs don’t have experience with.”
For that reason, Greene says, many CPAs recommend that their clients use a service specializing in submitting these kinds of claims, such as the one Freedom Group and GigWorker Solutions offer.
“Additionally, most CPAs bill by the hour, so if claimants want to go through their CPA, then they need to be comfortable with their CPA’s hourly fee and the fact that their CPA will probably need to use some of their billable time to learn the process,” Greene says. “We now partner with thousands of CPAs who tell their clients to utilize our free analysis software to determine if you are eligible or not.”
Believe it or not, Freedom Group and GigWorker Solutions’ portal can get people their refund in as little as three business days. Conversely, those who submit a claim through a CPA generally need to wait five months or longer to get their compensation.
Act before it’s too late!
If you are eligible for the SETC, then act now. The program ends on April 18, 2025. After that point, it will no longer be possible to amend your tax returns and obtain your funds.
“This is your money,” Greene says. “If you don’t claim it, the government takes it back.”
Get the tax credit you deserve! To determine your eligibility and apply for free, simply visit the SETC application portal on Freedom Group and GigWorkers Solutions’ website or email [email protected] with any questions.
