Ask Larry

Self-Employment Earnings

Would Additional Earnings Help My Wife More Than Me?

Larry: I posed a question earlier today that you answered a few minutes ago. However I believe your answer was based on some wrong assumptions concerning my situation:
1. I am a sole proprietor for tax filing purposes. My wife is not an employee or a joint owner/partner in my real estate business. We are only "joint" as tax filers.
2. She is NOT going to file for SS benefits until age 70, as is the case with myself (we are both 67 in 2017--she before me).

Posted: 
Thursday, December 29, 2016 - 11:00

How Should My Wife And I Report Our Earnings?

I've operated my own real estate brokerage in Michigan for several years and am re-examining strategies I've employed for the past 10 years or so regarding the maximizing of both my wife and my future social security benefits. My wife and I are both 66 and we decided based on our health, continued income, savings, etc. to put off filing for SS benefits until age 70.

Posted: 
Wednesday, December 28, 2016 - 11:30

What If My Wife And I Operated A Subchapter S Corporation?

First of all Larry, I was amazed that you answered me so quickly when you have so many others that you reply to and wanted to thank you for the time and effort it took for you to answer me with excellent advice..........Certainly thinking of signing in to your site.......I just wanted to reply to your thread if possible as I contacted my accountant and found out some news..to refresh your memory....

Posted: 
Friday, October 28, 2016 - 09:45

What Is The Best Option For My Wife And Me?

UK born but been over here now for 22 years and my wife and I are both US and UK Citizens. Started a business all those years ago here in the States and I qualify for Medicare and full Social Security. In fact next year will be 65 and definitely will sign up for Medicare and might wait until 70 for SS.

Was given some very bad advice many years ago in as much as although my wife has worked by my side for all these years, she never paid any taxes whatsoever and on the face of it would not qualify for either of the above, which I am entitled to.

Posted: 
Tuesday, October 25, 2016 - 16:30

Can My Wife Get Credit for Self-Employment Earnings in 1989?

My 61-year old wife is 4 credits short of having enough to qualify for SS benefits, which I'd like for her to be able to collect until I start collecting (which I hope to do at age 70-- I'm 61). I found $817 of self employment income in 1989 which should earn her one credit. I filed a Sched C, but mistakenly did not file a Sched SE. Is there any hope for getting her credit for this income? If yes, how would I do so? Thanks and thanks for your great book, Get What's Yours.

Posted: 
Sunday, July 10, 2016 - 16:00

Why Hasn't My Wife Received Any Social Security Credits?

My wife and I are self-employed and have been for 16 years. I just realized that on our Social Security earnings records all income has been credited to me and my wife has nothing, therefore she has no potential benefits other than through me. Upon calling the SSA I was told rather quickly that I need to amend my tax returns. I have always filed as married filing jointly and asked how I should be filing. They had no recommendations but to call the IRS, and they had no recommendations because they say they aren't allowed to give advice. I was told to contact a tax professional.

Posted: 
Sunday, July 3, 2016 - 11:00
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