I am 64 and have been receiving Social Security benefits for 2 years. I also do a little freelance writing, but my net income is below the annual cap (below $14K). Up until now I've done work-for-hire jobs (filing a Schedule C) , but now publishers demand that I form an LLC. Can I continue to receive early SS benefits with a single-member LLC, as long as my income remains below the annual cap, until full retirement age?
This is a disinction without a tax difference. As the LLC will be a disregarded entity, you will report the income of the LLC on your Schedule C just as before. So this change should have no impact on you.
Hope this helps.
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If you, as the sole member of the LLC, have an overall profit that is below the annual cap, you should be ok. However, you must remember that as the sole member, anything that is made under the LLC name counts for you as well.
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