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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?
AI accountant’s 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.

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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.

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Melissa Pedigo, CPA

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

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