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 more about the different credits that form the investment credit and get tax answers at H&R Block.
Looking for more information about your Mississippi refund? Find out details on how to check your refund status, who to contact, and more from H&R Block.
Learn more from our tax experts at H&R Block about the premium tax credit and how to receive it as an advance credit or claim it as a refundable credit.
What is the difference between a child tax credit and a dependent exemption? Learn more from the tax experts at H&R Block.