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
Trying to determine the cost of tax preparation or H&R Block’s prices? Find out why there is no one-size-fits-all answer when it comes to tax prep.
Learn more about the potential tax benefits of charitable holiday giving. Your holiday donations may boost your refund, depending on the organization.
Learn how to deduct student loan interest with H&R Block. Get information about qualified education expenses and see if a student loan tax deduction applies to you.
An ITIN is issued by the IRS to help people file taxes without a Social Security number. Learn how to get an ITIN number, who qualifies, and where to apply.
