Page 56 - BusinessStructures & Forms

- You can deduct the

employer-equivalent portion

of your self-employment tax

in figuring your adjusted

gross income. This deduction

only affects your income tax.

It does not affect either your

net earnings from

self-employment or your

self-employment tax.

Self-Employment

Tax Deduction - If you file a Form 1040 or

1040-SR Schedule C, you may

small businesses be eligible to claim the

Earned Income Tax Credit

(EITC).

- Learn more about EITC or use

the EITC Assistant to find out

if you are eligible.