I have more deductions than income this year..so my business profit is $0 so far. Since it says I won't need to pay any taxes, will I qualify for Earned Income Tax credit?
Answered by Melissa Pedigo, CPA ·
Yes, it's possible you might. The Earned Income Tax Credit (EITC) is available to self-employed taxpayers regardless of whether you generate taxable income. There are other requirements you'll need to meet to qualify for the EITC, like having a valid Social Security Number and not filing a Married Filing Separately tax return. The IRS has an you can use to see if you meet all the requirements.