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If I have self-employment income, can I claim the EIC?

Your self-employment income, minus expenses, counts as earned income for the Earned Income Credit (EIC).

You must claim all deductions allowed and resulting from your business. This determines your net self-employment income.

You must claim all deductions -- including depreciation. If you don’t, you might owe a penalty for any misrepresentation you made to obtain other tax benefits. These other benefits include the EIC and Social Security benefits.

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Calculators

So how much will you get (or owe) this year? That’s the million-dollar question. We happen to have three very useful calculators to help you estimate your refund or balance due.

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