Cowabunga, Real Estate Agents! Shred Tax Bills with the SETC Wave

Hey there, fellow wave riders (real estate agents)! Feeling bummed out by taxes this year? Tax season can be a total drag, but what if I told you there’s a hidden gem waiting to be discovered: the gnarly sweet dude of tax breaks – the SETC for Real Estate Agents or better know as the Self-Employed Tax Credit.

This guide dives deep into the SETC, explaining everything you need to know about this program designed to help self-employed peeps, like you, who faced challenges during COVID-19.

SETC for Real Estate Agents Are You Worthy?

First things first, let’s see if you qualify for this righteous tax credit. Below, you’ll find the key criteria to determine if you can catch the wave. Click here to create an account and see if you qualify—no strings attached, dude

• Self-Employed Shredder: You gotta be your own boss, operating as a sole proprietor or independent contractor.
• COVID-19 Caught You Off Guard: You couldn’t work that magic or show those houses because of COVID-19 related reasons between:
  • April 1, 2020 – December 31, 2020 (gnarly first wave)
  • Extended to March 31, 2021 (bonus wave!)
  • April 1, 2021 – September 30, 2021 (another epic wave!)

Need a refresher on what qualifies as a COVID-19 related reason? Here are some examples:

• Subject to quarantine or isolation orders
• Experiencing COVID-19 symptoms and seeking diagnosis
• Caring for a family member subject to quarantine or isolation
• Caring for a child whose childcare is unavailable due to COVID-19

Stoke the Credit Fire: Understanding the SETC Types

There are two types of SETC for Real Estate Agents, depending on why you couldn’t hang loose and work:

Sick Leave Credit: Like, you totally got COVID or had to isolate ’cause you were exposed. This credit can score you up to $511 per day (or your average daily self-employment income, whichever is cooler), with a max of 10 days for each period (2020 & 2021).

Family Leave Credit: Maybe your kiddo’s school closed or childcare went bye-bye ’cause of COVID. This credit lets you shred up to $200 per day (or 67% of your average daily self-employment income), with a max of 50 days (original period) or 60 days (extended period).

Catching the SETC Wave: How to Claim Your Loot

It’s not a free ride, brah. You gotta file an amended tax return (Form 1040-X) for the year(s) you qualify for.  We can help with that. Here’s what you need to gather to claim your SETC:

• Tax statements
• Proof of self-employment (commission statements rock!)
• Documentation that proves you couldn’t work due to COVID-19 (think shutdown orders, medical records)

Feeling a little lost in the paperwork? Don’t worry, we’ll cover some pro tips in the next section.

Pro Tips for Shredding Tax Bills with the SETC

• Don’t Miss the Deadline Tube! There are deadlines for these amended returns, so mark your calendars:
  • 2020 tax return (April 1, 2020 – March 31, 2021): File by April 15, 2024. – This Can Vary Click Here To Check
  • 2021 tax return (April 1, 2021 – September 30, 2021): File by April 15, 2025.
• Gig Worker Solutions is Your Best Friend. These tax ninjas can help you navigate the details and maximize your credit.
• The IRS Website Has Your Back. They offer valuable resources and instructions on claiming the SETC, so you can shred the info there too.

Ready to Shred the Taxman and Claim Your SETC Loot?

The SETC for Real Estate Agents is a righteous way to catch a tax break and potentially score some sweet dough back. Don’t let this opportunity slip through your fingers! So grab your metaphorical surfboard, ride the SETC wave, and shred those tax bills to smithereens!

Need Help Tackling the Taxman? The crew at Gig Workers Solutions can help you navigate the gnarly paperwork and maximize your credit. These dudes are tax ninjas, and they’ll get you the dough you deserve. Check out their website at https://gigworkerssolutions.com/setc

 

Email this benefits flyer to your real estate colleagues or friends:

 

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Disclaimers:
The information provided in this blog post is for informational purposes only and does not constitute legal or financial advice. The Self-Employed Tax Credit (SETC) and other tax deductions vary based on individual circumstances, and eligibility may differ. We recommend consulting a certified tax professional or financial advisor to assess your specific eligibility and maximize your tax benefits. This post does not guarantee specific refund amounts, and it is crucial to keep accurate and detailed records of all business expenses. Tax laws are subject to change, so ensure that you remain up-to-date with the latest regulations and filing requirements.
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