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    Videoguybob's Avatar
    Videoguybob Posts: 2, Reputation: 1
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    #1

    Jan 20, 2010, 04:38 PM
    Can I get the 400.00 tax credit if I own a business?
    Can I get the 400.00 tax credit if I own a business?
    Videoguybob's Avatar
    Videoguybob Posts: 2, Reputation: 1
    New Member
    		  
    #2

    Jan 20, 2010, 04:48 PM

    Can I get the 400.00 tax credit if I own a business?

    We have a video and live sound business from a grant of $10,000 from OVR. There are strings with getting this money. They own our equipment for 5 years.

    Because of a back injury we haven't made over $10,000 each year from gross business income from back in 2005 to date.
    We never got any tax credits other friends and family got when filing.

    My daughter told us they get a $400.00 tax credit this year and from last year. Our personal income this year after some business expenses will be for my wife and I only $1,600.

    We get help with HUD section 8 and Foodstamps. Last year we lost around $7,000.00 in yearly Sound jobs for festivals. That's why we are so little on income for 2009.

    We do our own taxes and are sure we are missing something big. Please help.

    Bob
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Jan 21, 2010, 10:44 AM
    Bob:

    If you have NET income from the Schedule C, you may qualify for the Earned Income Credit or for the Make Work Pay credit.
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