FFCRA Tax Credit For Freelancers & Gig Workers: SETC Application Tool Announced

HeyDay Marketing HQ has announced an online tool for checking freelancer & gig worker FFCRA tax credit eligibility.

Using the recently launched tool, freelancers and gig workers can check if they qualify for federal FFCRA (Families First Coronavirus Response Act) tax credits. Passed by Congress in 2020, the FFCRA tax credit is intended to recover monetary loss from the effects of Covid-19.

For more details, please visit https://heydaynola.com/setc

Data from the National Library of Medicine reveals that between February and April 2020 alone, the number of US self-employers decreased by 22%, equating to 3.3 million business owners. Out of 5800 self-employed businesses, 43% temporarily closed because of the pandemic. With these statistics in mind, HeyDay Marketing HQ offers a recently launched FFCRA tool to help 1099 self-employed individuals recover lost earnings due to government quarantine orders, self-quarantine, or medical diagnosis of Covid-19.

Using the online tool, freelancers can find out how much credit they are eligible for, up to $32,220. Individuals are required to enter the reason for their leave, such as quarantine, illness, vaccination, or childcare, to get an accurate calculated rate. For example, self-leave is claimed at the full daily rate of up to $511 per day, whereas family or childcare leave is calculated at 2/3 of daily self-employed income.

“You will have to calculate your daily average of self-employment income. This is your net earnings for the taxable year divided by 260 (the standard recognized amount of working days in a year). This allows the IRS to estimate how much you lost in wages for every day you were not able to work,” explains the company.

Understanding that filing with the IRS can be a daunting task, the team behind the platform has partnered with a trusted accountant firm specializing in COVID relief programs, to support individuals with the associated paperwork. “We’ll take care of amending your tax returns and submitting your application to the IRS, so you can get back to doing what matters most: growing your business,” says the company.

HeyDay Marketing HQ stresses the difference between self-employed tax credits and loans, explaining that the FFCRA is a refund of taxes that have already been paid.

Once credit allowance has been determined, 1099 self-employed individuals would receive acceptance from the IRS within three weeks. Receipt of funds can take up to 20 weeks from application via check or direct deposit.

Interested parties can check their FFCRA eligibility at https://heydaynola.com/setc

Contact Info:
Name: Juana Dillon
Email: Send Email
Organization: HeyDay Marketing HQ
Address: 3157 Gentilly Blvd #2126, New Orleans, Louisiana 70122, United States
Phone: +1-504-517-5428
Website: https://heydaymarketinghq.com

Source: PressCable

Release ID: 89117958

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