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Category: Tax
Satisfied Customers: 4
Experience:  dasdasd
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I am 64 and own my own insurance agency (sole Proprietor) and

Customer Question

I am 64 and own my own insurance agency (sole Proprietor) and another business that is incorporated (sub S). I need to start my social security as I need the additional income. Can I put my businesses in my wife's name and social security number and be able to keep working and draw my social security too?
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.
Hi. My name is ***** ***** I will be happy to help you. If you continue working you will still have an income, regardless who owns the business. You will still have to pay yourself a reasonable salary. If your spouse owns the business and you work in it, she would have to pay you as any other employee.
Expert:  Lev replied 1 year ago.
<posted by mistake>
Expert:  JACUSTOMER-8nme36c9- replied 1 year ago.
Hello,Regardless of who owns the business, you plan to draw a salary. This will be W2 wages on your SS number. Your SS benefits could be taxable no matter which way you collect money from the business. As net profit or wages. All of the income is added together in the first portion of the 1040. This amount is then calculated on the SS worksheet to determine how much of your SS benefits are taxable. Thank you,***** *****