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working and receiving social security benefits tax shelters for my social security benefits in MI state
Detroit, MI
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Posted about 1 year ago in Tax
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Working and receiving social security benefits.:
I am ready to retire (62) and operate my own business. I understand the Social Security annual limit this year is $13,560. I want to set up an LLC and have the LLC make distributions to me. Is this considered earnings/income for this purpose? Would taxing it as a partnership, C corp or S corp have any bearing? I don't want to reduce the amount of my social security.
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Answers (1)
Eric P Rothenberg
This attorney is licensed in Dist. of Columbia and 1 other state.
Posted 19 days ago.
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A single member LLC is taxed as a proprietorship (on Schedule C of Form 1040) and therefore is subject to limiting the social security to be tax free. You can create a C Corporation and so long as you pay yourself reasonable compensation, the rest of the money may stay in the corporation (but can be taxed twice if you take it out).
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