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.
Related Resources
Do you know what your tax filing status is? Learn how to determine and check your tax filing status with H&R Block.
Looking for virtual tax help with your online filing? Learn more about your options by comparing TurboTax Live to H&R Block Tax Pro Review and Tax Pro Go.
What happens to your taxes after marriage? Learn how marriage can lead to changes in tax filing and returns at H&R Block.
Spending your time volunteering is a great way to give back. Learn more about the tax benefits for volunteer work when filing your taxes at H&R Block.
