The Self-Employment Tax Credit (SETC) offers financial relief to self-employed individuals affected by the COVID-19 pandemic, helping offset lost income due to illness, caregiving, or business disruptions. Eligibility depends on the number of impacted days and average daily self-employment income. Understanding the SETC’s requirements is key to maximizing its benefits and reducing your tax burden, while avoiding common misconceptions that may limit its use.
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Mastering Self-Employment Taxes: A Freelancer’s Guide to Smarter Financial Management
For self-employed individuals, managing taxes can be tricky. Unlike traditional employees, freelancers must handle their own tax payments. This blog covers the basics of estimated taxes, explaining who needs to pay them and how to calculate them. By mastering these essentials, self-employed individuals can avoid surprises and stay compliant with IRS rules.