Ask Larry

Self-Employment Earnings

Why Isn't My Full Self-Employment Net Income Shown On My Social Security Earnings Record?

Why is the lesser amount on my SE Tax form of my returns reported to SS for my "benefit income"?
Ex. I am self employed, my net income is $53,660, which gets transferred to the SE Tax form to calculate what I owe for that, and yet the SS benefits website is reporting the LESSER number on that form to calculate my benefits, so they're picking up the $49,555, not the net income of $53,660. Why?

Posted: 
Thursday, June 23, 2022 - 18:40

Is There Any Way To Fix The Fact That My Husband Hasn't Been Getting Credits From Our Business?

My husband and I own a small construction company. we file joint (schedule C/1044) every year together. He recently had a stroke and is now in a coma. when I went to apply for disability/social security he hasn't been getting any credits only me. Is there a way to fix this?

Posted: 
Wednesday, April 13, 2022 - 09:33

Can Anything Be Done For My Father To Receive Credit for His Past Self-Employment Earnings?

My father (71) is a small business owner. For many years his accountant made sure my father paid his taxes so he doesn't incur any IRS penalties but didn't file the actual tax returns,

I am not sure of the details, but my father says the above has cost him a decent amount in Social Security benefits. Something to the effect that the information on what he paid the IRS was not sent over to the SSA.

Posted: 
Monday, February 7, 2022 - 17:08

Should I Do Anything Different?

My husband and i are self employed. The business is under his social security number in a sole proprietorship. When we pay quarterly taxes, its under his ssn. We file taxes jointly. My ssn statement shows 0 income for me. I havent worked for another company for 6 years. My cpa said since we have been married 40 years, I didn't have to worry about getting social security money, I would automatically get it. Im 61 and so is my husband. Is it true i would get social security $ based on being his spouse and equal owner in our business? Should I do anything different?

Posted: 
Tuesday, September 24, 2019 - 08:37

What Would Be The Best Way To Report Our Self-Employment Earnings?

I am 67 and my wife is 45 years old. We run two business and both work in the businesses. Is it better for me to claim and pay more self-employment tax on a larger percentage of the earnings, or would it be better for her to pay more into the SS system. Thank you!

Hi,

I would need to know your full earnings histories to be able to answer your question.

Posted: 
Thursday, April 12, 2018 - 07:32

Will I Receive Credit For My Earnings Even If They Are Reported Late?

I am a 28 year old pastor, and I recently realized that our tax professional made a significant mistake on the last 5 years of my taxes. He didn't report any social security, and as a result, I have "0" balances for those years on my social security statement. I'm in the process of working with a new tax professional to clear this up. My question is about years 2012 and 2013 - since they are past the 3 year and 3 month mark, do I need to pay those years back? If so, will I still get credit for them when I retire even though they were paid late? Thanks.

Posted: 
Thursday, December 21, 2017 - 10:09

Is There Anything Else I Can Do?

Hi Larry, My brother became disabled at 40 yrs. old due to a brain tumor. He was immediately declared disabled and began receiving benefits but not the SSDI part because we were told he didn't have enough earnings credits. He had become self employed in last few years, not working much due to the symptoms he was having. We had a hearing with a law judge who told me to check on his tax returns, make sure he had filed every year, make amendments, etc. I did all the above based on the files and information I could find and my brothers memory.

Posted: 
Friday, April 7, 2017 - 06:15

What If I Didn't File Self-Employment Tax Returns Timely?

May I ask 2 questions.
1. Years ago, (being self employed) I had some income tax problems and did not file for years. I finally filed and paid my back taxes on an offer and comprise. I just turned 62 and filed for my SS but 4 of my top years were not credited. At the SS office they said it was due to the fact that I did not pay those years within a 3 year 3 month 14 day time period(?). Is this correct? If so is there any way around it?

Posted: 
Thursday, January 19, 2017 - 13:30
MaxiFi software running on a laptop
Get What's Yours!
Discover tens of thousands in extra retirement dollars with Maximize My Social Security software!
  • Find your maximized strategy
  • Unlimited what-ifs
  • Step-by-Step filing instructions
  • Our software's lifetime-benefit increase for an illustrative couple earning $65K each and planning to take retirement benefits at 62.

    Results will differ based on your specific case and filing strategy.

Getting Started is Easy
Web-based software. Works on ALL browsers. No download.