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By increasing your deductions and expenses it will decease your income and you may not be getting as many credits as before like the EIC credit. You can't go by the refund monitor until you have entered everything in. Also after you reduce your income to zero there is no more refund to get back. But even though your taxable income goes down and you owe less income tax on it, you still owe SE Self Employment tax if you have a Net Profit.
Be aware, if you have self employment income you can get in trouble for not reporting all your expenses to qualify for EIC. See this IRS page, scroll down to How to figure the EIC yourself, Special Instructions, see the Caution note, "When figuring your net earnings from self-employment, you must claim all your allowable business expenses."
http://www.irs.gov/publications/p596/ch04.html
As noted by @VolvoGirl , you can't pick and choose which year to claim expenses.
However:
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