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.
Can both divorced parents claim head of household? Explore how custody affects taxes and find possible solutions. Get tax answers from H&R Block.
Learn more about the process of claiming the low-income housing credit and get tax answers at H&R Block.
Can you claim your children for the Earned Income Tax Credit but not as dependents, so you ex-spouse can claim them as dependents? Get Tax Answers from H&R
Owners of sustainable homes may qualify for The Residential Energy Efficient Property Credit, a tax credit of up to $1,665 oer qualifying property.