Free Money for Self-Employed Individuals: The Ins and Outs of the Self-Employment Tax Credit

In this episode of Fit Over 40, Coach Clarence welcomes Khalid Mateen, an entrepreneur, to discuss the Self-Employment Tax Credit (SETC). Khalid explains that the SETC is a tax credit available to self-employed individuals who filed as 1099 or self-employed in 2020 and 2021. The credit is not a loan and does not need to be repaid. It provides compensation for sick time during the pandemic, with a daily payment of up to $511 for 10 days in 2020 and 2021. Additionally, individuals who had to care for a child or quarantine themselves can receive an additional 50 days at $200 per day. The program is easy to qualify for and typically takes three to six weeks to process. Khalid recommends working with SNAP Partners, who offer free audit assistance for five years and provide a commission for referrals. The deadline to take advantage of the tax credit for 2020 is April 15, 2024, and for 2021 is April 15, 2025. 00:00:00 - Introduction and Background of Khalid Mateen00:01:42 - Explanation of the Self-Employment Tax Credit (SETC)00:05:07 - Duration of the application process for the tax credit00:05:58 - Opportunity for side work and benefits of the tax credit00:07:16 - Addressing skepticism and concerns about the program00:08:33 - Free audit assistance provided by SNAP Financial and SNAP Partners00:10:00 - Compensation for referring people to the program00:11:17 - How to determine if someone is a good candidate for the program00:12:37 - Conclusion and invitation to sign up for the program00:13:40 - Contact information for Khalid Mateen00:14:33 - Announcement of a future Zoom meeting to discuss the programHere is the link to  find out more information:https://mysnappartners.com/referral-code/Coachclarence/11472190/setc-sizzle/[email protected] the showPlease subscribe give us a review and share the show. Email show ideas or apply to be a guest at:  [email protected]. We love your feedback.YouTube: Coach  Clarence TVInstagram: www.instagram.com/clarencemfergusonInstagram: www.instagram.com/tharealcoachclarenceFacebook:https://www.facebook.com/groups/fitover40withcoachclarenceLinkedin:https://www.linkedin.com/in/clarencef/Pinterest: https://www.pinterest.com/CoachClarence/Twitter: https://twitter.com/fitnusbiznus Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.