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!
- How cooperatives improve small town economies - May 8, 2022
- Metaverse business idea: virtual world tour guide - April 15, 2022
- Make extra money from extra workspace: co-working and 3rd workplaces in small towns - March 28, 2022
- Trade show booth design trend: hand drawn visuals - March 21, 2022
- New business sign design? Don’t use cursive script - February 14, 2022
- Way more people prefer rural than urban, new Pew Research study finds - February 1, 2022
- Top 5 Rural and small town trends 2022 - January 3, 2022
- How to start a real small small business - December 17, 2021
- Tip for better pop-ups and shed businesses - December 5, 2021
- Small town business idea: cat grooming - November 15, 2021