Ask an Accountant

Question
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?
- Anonymous
Answer
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.

Melissa Pedigo

Melissa Pedigo has been a CPA for over 20 years and she is one of the only CPA copywriters in the world. With a vast knowledge of U.S. tax and accounting, she’s able to write about tax and finance topics from a unique perspective...as an industry expert. When she’s not writing or being an accounting nerd, you’ll find her watching and playing tennis, reading, tending to her half-grown garden, and studying foreign languages

Followup question?
Ask away.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Got a different question?
Ask our accountants.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Automatic tax savings for 1099 contractors.

Keeper Tax automatically finds tax deductions among your purchases. On average, people discover write-offs worth $1,249 in 90 seconds.

get the app→
25 Taylor Street, San Francisco CA
Get the app

Company

NEWS UPDATE

MORE

MORE

Copyright © 2020 Keeper Tax Inc. All Rights Reserved.