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
If you need help handling an estate, we're here to help. Learn how to file taxes for a deceased loved one with H&R Block.
From retirement account contributions to self-employment expenses, learn more about the five most common tax deductions with the experts at H&R Block.
Getting married? Having a baby? Buying a house? Go through your life events checklist and see how each can affect your tax return with the experts at H&R Block.
Donating household goods to your favorite charity? Learn the ins and outs of deducting noncash charitable contributions on your taxes with the experts at H&R Block.