My father who will be turing 64 in March 2008 is in a partnership with 1 other person in a Construction company. He wants to start drawing his Social Security benefits but if he earns over a certain amount (around $12,500 I think) his benefits will be taxed at 50 cents on every dollar. He wants to continue working AND draw his SS benefits. Would forming a corporation or LLC help him around the laws so that he could continue working as well as draw his SS benefits? Please explain or elaborate.
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Here you go:
http://www.ssa.gov/retire2/whileworking.htm
He would still be able to work while getting Social Security benefits. However, he would take somewhat of a big hit. If he draws a salary regardless if he owns an LLC or not he will take the hit.
The ways around it are not legal however I’m sure people are doing it. Turn the business into a “cash business” so he doesn’t have to report every single dollar. Second, put a family member (wife, child) on the payroll and draw from their account.
Couple other sites:
http://www.taxformprocessing.com/tax/faq/tax41.htm
http://blogs.nolo.com/llc-corporation/
My suggestion would be to contact a Social Security Lawyer or LLC lawyer / service.