What are some self-employment best practices that will help with SSI/SSDI?

 

 

What are some self-employment best practices that will help with SSI/SSDI?

  • Use a separate business bank account and deposit all income attributable to the business into this account.
  • Taking money out of the business, known as Owners Draw, often is NOT income for SSI/SSDI purposes, as it is accounted for in the Net Profits calculation. But if it remains in a personal account at the end of the month it will become a resource that counts against SSI/SSDI.
  • If you are on SSDI, working 80 hours/month (regardless of net income) will count as a Trial Work Month (TWM).

Additional Resources

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FD/MAS Alliance is a recipient of the Financial Advocacy in RARE Impact Grant sponsored by Global Genes.  Thanks to this award, FD/MAS Financial Literacy 101 is made possible.  We thank Michael Beloff, CFP®, ChSNC® Belvedere Wealth Partners, for donating his time and financial expertise and Caroline Fuchs, CAE, for contributing her time, communications, and digital strategy expertise to the FD/MAS community for this resource.