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I am retiref. I am a 63 years old and have been retired

Customer Question
Hi My name is*****...

Hi My name is***** am retiref

Lawyer's Assistant: What state are you in? And have you consulted a local attorney?

Hi . I am a 63 years old and have been retired collecting S Security during 2017. I formed a LLC with Chapter S in April. I provided 11 weeks service as a consultant for the LLC (sole owner and employee) . NY State NO

Lawyer's Assistant: Has anything been officially filed? If so, what?

No tax filings

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I aqctually need to speak to an accountant

Submitted: 4 months ago.Category: Business Law
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Answered in 25 minutes by:
11/25/2017
Business Lawyer: WiseOwl58, Attorney replied 4 months ago
WiseOwl58
WiseOwl58, Attorney
Category: Business Law
Satisfied Customers: 4,394
Experience: Senior Associate at White & Case LLP
Verified

Mike:

An LLC is a disregarded entity, meaning that the IRS does not require the LLC to file a tax return. However, the LLC should calculate its earnings, less expenses, and the net amount gets reported on your personal tax return. If it is a small amount, it should not affect your Social Security benefits amount.

Please rate 4 or 5 stars and close out the question. A bonus is very much appreciated after you rate. Good luck to you. I wish you all the best.

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Business Lawyer: WiseOwl58, Attorney replied 4 months ago

Please rate 4 or 5 stars and close out the question. A bonus is very much appreciated after you rate. Good luck to you. I wish you all the best.

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Customer reply replied 4 months ago
the amount of earnings is aprox 105,000
Customer reply replied 4 months ago
i do not think you saw my last full question
Business Lawyer: WiseOwl58, Attorney replied 4 months ago

Well you should offset that with as much expenses as possible

You could also convert it to a corporation and keep the earnings as retained earnings in the corp. and it will not affect your social security.

Please rate 4 or 5 stars and close out the question. A bonus is very much appreciated after you rate. Good luck to you. I wish you all the best.

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Business Lawyer: WiseOwl58, Attorney replied 4 months ago

Please rate the answer by clicking on 4 or 5 stars and close out the question.

A bonus is very much appreciated after you rate the answer.

Good luck to you. I wish you all the best.

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Business Lawyer: WiseOwl58, Attorney replied 4 months ago

Please rate the answer by clicking on 4 or 5 stars and close out the question.

A bonus is very much appreciated after you rate the answer.

Good luck to you. I wish you all the best.

Ask Your Own Business Law Question
Business Lawyer: WiseOwl58, Attorney replied 4 months ago

Please click on 4 or 5 stars to rate the answer and close out the question.

A bonus is most appreciated after you rate the answer.

Good luck to you. I wish you all the best.

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WiseOwl58
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Category: Business Law
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