Disabled Services Options
Do you receive Social Security Disability? Have you ever wondered how some manage to continue to get disabled services like Social Security disability and work? First off, let me give you the disclaimer that I am not an attorney and you should consult one before you do anything, please. About a month ago a young woman approached me who had a disability, was receiving social security disability, and was making over $50,000 a year-what gives? She told me she had consulted her accountant and attorney. They set up a Subchapter S corporation for her and got her a tax ID number. When she consulted, all earnings went to her corporation and not her. Well, so far so good but I was curious. So, the other morning at my health club I cornered an accountant buddy of mine in the whirlpool. “Is it legal”, I asked. Here was his explanation. He said as long as she took out a salary that was under the monthly amount stipulated by Social Security she was ok. He went on to tell me that because of a fluke in the law the Subchapter S corporation could distribute additional “dividends” and earnings throughout the year-without putting this woman in jeopardy of losing her Social Security benefits! Let me reiterate that you should always seek competent legal and accounting advice before you do anything. But, the problem this woman faced was she needed the insurance she received as part of Social Security disability but the amount she was receiving monthly put her squarely at poverty level-an ugly situation, right? I’m sure many others are in the same boat so I am going to continue to bring you ideas that hopefully you can use to help increase your financial prosperity. Consulting may just be an idea that works for you. All the best, Steve
PS. Do you know the Control “F” key trick? I will tell you so that if you go to any of the refrence sites, you can navigate quickly. While you are reading the first of this article hit your Control Key and the letter “F” . You will get a pop up box and you type in the word that you are searching for in the article, say “dividends” and it takes you right to it-hope this helps!
