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.
Learn whether you can claim the American Opportunity Credit if you received a 1098-T form from your dependents college with advice from H&R Block.
Learn more about disability tax credit eligibility with help from the tax experts at H&R Block.
Learn the tax implications of the first time home buyer tax credit and if you need to repay it from the tax experts from H&R Block.
The Research Credit is an income tax credit that was designed to encourage businesses to invest more in research and development.