The Self-Employment Tax Initiative: Empowering Entrepreneurs at
Self-Employment Tax Initiative
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Transcript of Self-Employment Tax Initiative
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CFED’S ASSETS LEARNING CONFERENCESEPTEMBER 22 – 24, 2010
WASHINGTON, DC
Self-Employment Tax Initiative
Empowering Entrepreneurs at Tax Time
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Session Goals
Overview of Self-Employment Tax Initiative (SETI)
Describe Other SE Tax Prep Models & Strategies
Discuss Plans for 2011Introduce the SETI Resource Bank
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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
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SETI: Over 33,000 SE Tax Filings
62% Claimed Refundable Credits Over $30 Million
Over $11 million Saved in Tax Prep Fees21% First-time SE Filers52% Rely Solely on SE Income88% Reported Net Profit33% Latino; 27% African-American; 27% White;
5% Asian; 1% Native American13% Childcare; 8% Construction; 8% Janitorial;
5% Drivers & Couriers
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DROP-OFF STRATEGYWEB-BASED TAX PREP
REFERRAL PARTNERSHIPS
Promising Practices
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The Drop-off Strategy
Maximum Flexibility for Both Clients & Staff/Volunteers
Year-round Support; Quarterly Reminders
Effective Strategy for Serving Remote, Rural Areas
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Web-based Tax Prep
Technology Link Clients to Tax Prep Through Partners
Video conferencingTrain Partners to
Prepare ClientsSuitable for Remote
Locations & to Serve People with Disabilities
Maximize Use of Specially-trained Staff & Volunteers
Tech
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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.
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INNOVATION CLUSTERSCHEDULE C PILOT
RESOURCE BANK & FIELD TA
SETI: 2010 – 2011
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Tax Year 2010 Innovation Cluster
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http://cfed.org/programs/seti/resource_bank/