What tax credits can I claim as a self-employed individual?
An example of an AI chatbot conversation about tax credits available for self-employed individuals.
What tax credits can I claim as a self-employed individual?
As a self-employed individual, you may be eligible for several tax credits, including the Earned Income Tax Credit and the Qualified Business Income Deduction.
Can you explain the Earned Income Tax Credit?
The Earned Income Tax Credit (EITC) is a benefit for working people with low to moderate income, which can reduce the amount of tax you owe.
Are there any specific requirements to qualify for the EITC?
Yes, to qualify for the EITC, you must meet certain income thresholds, have a valid Social Security number, and file a tax return.
What about the Qualified Business Income Deduction?
The Qualified Business Income Deduction allows self-employed individuals to deduct up to 20% of their qualified business income from their taxable income.
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