Blog At A Glance:

Introduction

The Challenge

Occams Advisory’s Solution

The Approach

The Result

Conclusion

 

Introduction

In the wake of the COVID-19 pandemic, many self-employed individuals faced financial difficulties. The Families First Coronavirus Response Act (FFCRA) introduced a lifeline – the Self-Employed Tax Credit (SETC). But navigating the complexities of claiming this credit can be daunting. This case study explores how Occams Advisory’s tax efficiency services empowered Shannon (Name Changed), a Social Media Influencer, to successfully claim the maximum SETC benefit per her eligibility.

 

The Challenge

Shannon, like many self-employed individuals, was significantly impacted by the pandemic. The disruption to business operations resulted in a decline in income, causing financial strain. However, she was unaware of the SETC program and the potential tax relief it offered.

 

Occams Advisory’s Solution

Through a consultation with Occams Advisory’s tax specialists, Shannon discovered the SETC program. Our team meticulously evaluated her eligibility based on the FFCRA guidelines, considering factors like income and pandemic-related impact on business activity.

The Approach:

Occams Advisory took a comprehensive approach to ensure a smooth claim process:

  • Eligibility Assessment: Our tax specialists meticulously reviewed Shannon’s tax situation to determine if she met the qualification criteria.
  • Documentation Gathering: We guided Shannon through gathering all necessary documentation to support the credit claim.
  • Tax Return Preparation: Our team ensured the SETC claim was accurately reflected in Shannon’s tax return, maximizing the tax benefit.

The Result:

By leveraging Occams Advisory’s expertise, Shannon successfully claimed the maximum SETC credit that she was eligible for. This significant tax relief provided much-needed financial security and helped her navigate the economic challenges brought on by the pandemic.

Key Takeaways for Business Professionals:

  • The SETC program offers substantial tax relief for eligible self-employed individuals impacted by COVID-19.
  • Consulting with a tax professional can help navigate the complexities of claiming the credit and ensure you maximize the benefit.
  • Occams Advisory’s tax efficiency services can streamline the SETC claim process and ensure you receive the rightful tax relief.

 

Conclusion

Are you a self-employed individual unsure about the SETC program or its applicability to your situation? Contact Occams Advisory today for a free consultation. Our tax specialists can help you determine your eligibility and guide you through the claiming process.

Check out our website: www.occamsadvisory.com or Schedule a free consultation : Click here

Disclaimer: The information provided in this case study is intended for general informational purposes only and should not be construed as professional tax advice.