Ask a Social Security Question, Get an Answer ASAP!
I realize you have a question about social security. My goal is to help you better understand your options.
How are you today?
Yes, you can stay involved in your business, but you will be subject to the same earnings limitations as someone who is an employee is subject to.
If you earn $15,120 or more, your benefits will be reduced $1 for every $2 above that amount.
Social security considers your business profit your earnings. So, if your business earns less than $15,120 per year you can draw your entire check.
Above that, reduce your benefit $1 for every $2
Do you have any further questions?
We gross almost $450,000 per year but I can reinvest in the business, enough to show $15,000 proffit or less . Am I still ok like that.
It goes by your income that you report to the IRS
So, if you report net income of $15,000 or less to the IRS on your share of the profits, you're good
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