Ask Larry

Is It Better For Me To Be In An LLC?

I'll be 62 December 2021 and going to collect social security I have a part time delivery business and get paid by check is it better for me to be an LLC I will make under the allowable amount for social security

Hi. If your earnings don't exceed Social Security's earnings test exempt amount then it won't matter whether your income comes to you directly or through a small corporation. Any earned income that you have, which is any combination of gross wages and net earnings from self-employment, would count toward the Social Security earnings test exempt amount. The exempt amount in 2021 is $18,960, but the 2022 exempt amount won't be announced until later this year (https://www.ssa.gov/benefits/retirement/planner/whileworking.html).

Before deciding when to start drawing your benefits, you may want to strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully analyze the options available to you in order to determine your best strategy for maximizing your benefits.

Best, Jerry

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Posted: 
Aug 19 2021 - 9:45am
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