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Self-Employment Tax Initiative

Self-Employment Tax Initiative. CFED’s Assets Learning Conference September 22 – 24, 2010 Washington, DC. Empowering Entrepreneurs at Tax Time. Session Goals. Overview of Self-Employment Tax Initiative (SETI) Describe Other SE Tax Prep Models & Strategies Discuss Plans for 2011

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Self-Employment Tax Initiative

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  1. Self-Employment Tax Initiative CFED’s Assets Learning Conference September 22 – 24, 2010 Washington, DC Empowering Entrepreneurs at Tax Time

  2. Session Goals • Overview of Self-Employment Tax Initiative (SETI) • Describe Other SE Tax Prep Models & Strategies • Discuss Plans for 2011 • Introduce the SETI Resource Bank

  3. Self-Employment Tax Initiative Using the tax code to deliver essential business development and financial services to low-income entrepreneurs. • 4-year Demonstration: Tax Years 2006 – 2009 • Data Analysis & Research on SE as Self-help Jobs • Policy to Improve Tax Interface for SE Businesses

  4. SETI: Over 33,000 SE Tax Filings • 62% Claimed Refundable Credits Over $30 Million • Over $11 million Saved in Tax Prep Fees • 21% First-time SE Filers • 52% Rely Solely on SE Income • 88% Reported Net Profit • 33% Latino; 27% African-American; 27% White; 5% Asian; 1% Native American • 13% Childcare; 8% Construction; 8% Janitorial; 5% Drivers & Couriers

  5. Promising Practices Drop-off Strategy Web-based tax Prep Referral partnerships

  6. The Drop-off Strategy • Maximum Flexibility for Both Clients & Staff/Volunteers • Year-round Support; Quarterly Reminders • Effective Strategy for Serving Remote, Rural Areas

  7. Web-based Tax Prep • Technology Link Clients to Tax Prep Through Partners • Video conferencing • Train Partners to Prepare Clients • Suitable for Remote Locations & to Serve People with Disabilities • Maximize Use of Specially-trained Staff & Volunteers Tech

  8. Referral Partnerships • Leverage Organizational Strengths with Partnerships • Fill the Gaps for Client Needs • Tax Time Link to Asset-Building Products & Services to Help Grow Businesses • MDOs, VITA, credit unions, community colleges, etc.

  9. SETI: 2010 – 2011 Innovation Cluster Schedule C Pilot Resource Bank & Field TA

  10. Tax Year 2010 Innovation Cluster

  11. http://cfed.org/programs/seti/resource_bank/

  12. Thank You! http://cfed.org/programs/seti/ Laura Arce Director, SETI larce@cfed.org

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