A reader arrived at Small Biz Survival with this search query:
“I want to start a home business, but I’m on Social Security. Can I still be self employed?”
This sounds like a good addition to the Small Biz 100 and tax question for Maesz! Here’s the answer:
If she is not “full retirement age,” too much net self-employment income may trigger some recapture of her Social Security benefits.
If she has reached “full retirement age,” she can earn as much as she wants without any adjustment of her Social Security benefits.
HOWEVER, she is in any instance, responsible for self-employment tax and income tax on her earnings from self-employment.
Thank you, Maesz!
If you have a small business question, leave us a comment.
This article is part of the Small Biz 100, a series of 100 practical hands-on posts for small business people and solo entrepreneurs, whether in a small town, the big city, or in between. If you have questions you’d like us to address in this series, leave a comment or send us an email at email@example.com. This is a community project!
- Stop using “3 legged stool” to describe any idea - June 24, 2019
- What are your challenges? Add your voice here - June 17, 2019
- How to publicize your biking trails before they’re finished - June 10, 2019
- How $5 and a bowl of soup can rebuild your community - June 3, 2019
- Getting people to mix at an event - May 27, 2019
- Crowdsourced ideas for coffee shops and other third places - May 20, 2019
- Post signs with your tourism hashtag where visitors will see them - May 13, 2019
- Book review: Celebrity CEO by Ramon Ray - May 6, 2019
- How to develop an entrepreneurial culture and more small businesses in your town - April 29, 2019
- Where’s your town’s future mural? - April 22, 2019