|"How Legally To Make A Pile Of Money And Keep Your Disability Benefits!"
(Don't miss this lesson)
In the previous lesson Get All The Benefits You Are Entitled To, we covered how much you can make and keep your benefits and how to determine if you are getting all the benefits you are entitled to.
These tips are pretty straight forward if you are earning a salary and receiving a W-2 at the end of the year. The good news is the rules provide some real flexibility if you are self-employed or own a business.
The key to understanding the rules and how the self-employed can Make A Pile Of Money And Keep their Benefits lies in Social Security’s Trial Work period (TWP).
Here is the condensed version of TWP.
The Trial Work Period starts the month you make over $740 in 2013 and lasts for nine months. The TWP months do not have to be consecutive. The real benefit is you can a significant amount of money during each of the nine months and still receive your full disability check.
I repeat ...you can make a significant money as you can during the nine months of working and still receive your full disability check. And because I'm not a tax guy I will leave it to you to determine significant.
Once you have used up your nine TWP months, then any month thereafter where you earn over $1,040 in 2013, you will not receive your disability check.
Step-by-Step strategy to Make A Pile Of Money And Keep Your Benefits.
1. Always report your earnings activity to SSA and pay all your taxes.
2. If you are self-employed and don't run your business through a corporation it is recommended that you do. Learn all the details here.
3. Keep your personal earnings below $740.00 per month with checks from your corporation to you, individually.
4. Deduct all your expenses. SSA allows deductions for the cost of any item or service you need to work, even if it is a service to assist you or is beneficial to your daily living. Examples include prescription drugs, transportation to and from work (under certain conditions), a personal attendant or job coach, a wheelchair, or any specialized work equipment.
5. Then, use one of your trial work months once a year to pay out the mother lode of income to yourself.
Because your trial work period is 60 months and with this strategy you only use one TWP a year you will have more Trial Work Months than you need. So you can Make A Pile Of Money And Keep Your Benefits.
Important to note that you only have one trial work period while you are on social security disability. So make the best of it.
To learn the details about the TWP, extended period of eligibility, expedited reinstatement, continuation of Medicare, work expenses related to your disability, and the nitty-gritty details so you have an in-depth understanding of the guidelines, visit this SSA website: http://www.ssa.gov/pubs/10095.html
P.s. All Lessons About Maximizing Your Benefits Are Right Here!
Introduction| Lesson 1 | Lesson 2 | Lesson 3 | Lesson 4