Can you have a business if you receive social security or disability benefits and when is it a hobby
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- Опубликовано: 21 июл 2024
- Can you have a business if you receive social security or disability benefits and when is it a hobby or a business
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It really depends on if you're getting SSI or SSDI. SSI is income driven as it is a supplemental disability income and SSDI is not income driven it's based upon past earnings.
I'm a Canadian on disability, and I've been operating my existing business while disability for 6 years now. been operating it for 20 years. Being on disability was humiliating they pressured me to go through their employment training program to prove I'm capable of operating my business. Now I'm following the Dave Ramsey baby steps to one day exit disability.
Hi Minnie! I’m sorry you had to go through that and I hope you’re able to successfully get off disability. Thank you for watching, Lori.
Progress is happening and I document my journey on my RUclips channel will branch out other social media platforms, to show others it's possible many think they will be on Disability forever to live a life of destitution and suffering. @@craftingwithhwm
Thank you Lori for addressing this topic.
You are more than, welcome. Thank you, like and share, Lori.
Thank you for taking the time to make this video. You answered several questions that cleared my confusion on this topic. I think I better higher a CPA lol
This answered several of my questions and was very helpful, thank you.
You are welcome, Angela. Like and share, Lori.
Thanks Lori that’s good to know am Angela from Stone Mountain Ga
You are very, welcome Angela. Don't forget to like and share. Thank you, Lori.
Thank you Lori! This helps a lot.
Hello Devin! You’re so welcome and I’m happy the video was helpful. Thank you for watching, Lori.
Very helpful information Lori. Thank you!
Thank you, very much Lisa. Don't forget to like and share. Thank you, Lori.
Very good video thx! I wonder if it's ok to start a Corp or LLC and only pay yourself under $1000/mo and leave the rest of the capital in the business account. I wouldn't mind trying to get off SSDI but I am paralyzed and I feel liked it would be a huge risk.
I would only feel comfortable knowing that my income is secure, steady, and that I could handle the workload but I feel that I can't predict that until actually starting a business. On top of all of that would it be worth losing medicare as well. Right now I feel trapped in the system.
My gosh, me too. I'm so stressed trying to figure it all out!
Have you ever talked to a benefits counselor??
have you had any updates on an LLC ?
Thank you Lori.i just like making my crafts and some money.
You are more than welcome, there Kathy. Thank you, very much. Like and share, thank you, Lori.
Perhaps i was distracted, but im still confused 🤣
Im going to start stop thru this again and take written notes so im xactly clear on all if this. Thank for for providing this for the viewers. Im fully disabled and i just want to be a hobbyist
I checked into this and people that are on ssdi that get up to $841 dollars a month max income limit is up to $2000 a year if your business goes over that ssi will cut your payments off if your on sssi due to a disability and allowed to make up to $2000 a year your benefits will be effected ,cut off from disability
Very good information. Thanks.
Hello Hapshabyah! I’m happy you enjoyed the video and thank you for watching, Lori.
Great video...thank you so much...🌸🌸🌸
Welcome and thank you, there Sandy. Don't forget to like and share. Thank you, Lori.
Hard Working Mom Hi again Lori. What is the best way to go. DBA or state license? I’m 74 and on SS
super helpful thank you!
I’m so glad this was helpful. Thank you for watching, Lori.
Thanks for this message video I am looking to start a business but at the same time I don’t to be controlling with my money that why I rather start my own business
Hello Elliott! You are very welcome and I’m happy the video was helpful. Thank you, Lori.
Thanks for going over that. I have just been approved for disability. I was a mortgage underwriter so I think this will be a hobby for me. I am not supposed to stand or walk for long periods of time and the best position for me is reclining. I just need to keep my mind and hands busy.
Absolutely and that is totally fine. It is very therapeutic to make crafts. Thank you Lori
Thank you for the information. Any chance on doing a video about staying on disability and starting a non profit that makes no income? That seems to be where I am the most lost still with starting my non profit
Hi Angela! I wish there was an easy answer to that question but there isn’t. When you’re on disability, you can only make a certain amount of money in order to keep your benefits. With non profit organizations, they can take you hours into effect and claim that you’re able to work so therefore you can work a regular job. I would do some more research before starting one so that you don’t lose your benefits. I think it’s great that you’re wanting to do this. Thank you for watching, Lori.
Great information! Thank you
Hello, there Gloria. You are more than welcome. Dont forget to like and share. Thank you, Lori.
Thank you I'm really trying to get off and be on my like I use to be I had a stroke be for I was working for myself I'm in school and about to graduate and receive a good paying job able afew thousands a month. I Want to let SSDI go and be independent.
Hi Equhart! That’s so wonderful and I’m proud of you. It takes a lot of strength to do what you’re doing. Thank you for watching, Lori.
Hi Lori,
I hope I can articulate this enough for you to understand. My wife unfortunately was paralyzed this past February. She was working a full time job before the accident. She also started a side business with a partner in 2020 and they opened an S Corp. She's unable to work her side business but she is still getting quarterly dividends. She's also getting State Disability now and it will end in 2/2023. We haven't deposited any of the checks but I wanted to know if we can. I hope this makes sense. Thank you for this video and for any advice.
Hi Jon! I’m very sorry to hear about your wife’s paralysis and she’ll be in my prayers. As for your question, as long as she doesn’t make more then $1,350 a month then it shouldn’t affect her benefits. Thank you for watching, Lori.
Trial work period are much lower for 2018 its 850. If you make more than that for 9 month you will be dropped from ssdi?
Hello Angela my question pertains to this topic I have bin on ssdi for like 11-12yrs. I was 37 when I was accepted & I agree when you said that you don't make alot of money on SSDI, actually works out to be 1/3 of what I was making pre- ssdi(44k)between ssdi & small pension and has bin a rough all along trying survive. I have always at busy at home tinkering with mechanical projects and started a very small backyard business I'm working on small engines like lawn mowers snow blowers etc that I started back in November 2019. It's roughly 800-1000 a month. Was going ok until april. March then once i finished a couple jobs. Its bin like wiped out i maybe had 2 small jobs since. Mostly because im vulnerable to being a covid-19 casualty if i caught so until im inoculated my little shop is shut down. I really miss the extra money can i get eid-el Grant or PPP and have a legal business while on disability
Hi Angela! I hope I got your name right and wasn’t sure if you said your name is Angela because mine is Lori. I’m really sorry to hear that you were doing so well with your business and that it has slowed down now. SSDI isn’t very much at all so I understand why you decided to start that business. It is not a good idea to apply for PPP or alone while on disability because they could see that as full-time work and you could lose your disability. I’m hoping things get better with your business soon and that you get more work. Please take care and I appreciate you watching, Lori.
Hi Lori. I know this is an old video but the information is great. I am wondering if I have to immediately fill out a PASS application. My business is really not making any money as of yet. I just started making candles and don't expect to make a lot of money but it gives me something to do. I know that in Texas you have to have a sellers license to be legit. You have to charge taxes on your products and pay taxes quarterly. Can I put off a PASS application until I am actually earning money from my business. The application is trickey because it asks about how much money you plan to make. If I say Zero then they won't approve my application but I may not make anything for months. If I gestimate $500 then they might think I actually have that money coming in.
Yes my goal is exit off provincial disability in Canada - Which is called ODSP (Ontario Disability Support Program)
Great information. So I got a llc and because my husband is a w 2 worker my income will be included with his. My question is how would that effect my Ssdi . I just open up in oct of this year and mainly doing pop ups . Not near 600 a month. But wanted to go in stores? Only 36 and legally blind but I want to not depend on this put it’s funding my business.
Hello there! Bless your heart and I understand it can’t be easy for you. Ssdi limit is like $1100 a month so the dollar amount isn’t something you’re gonna have to worry about. I wish you the best of luck. Thank you for watching, Lori.
I have a question. Does social security look at the money you make before deducting supplys etc to make it or just the profit portion of selling a craft?
They look at the profit so the revenue less expense. Thank you, Lori.
Hey dear! Thanks for the video. I'm on SSID for 8 years. I want to attempt to start my own business. At what point t do I report to SSID. After I earn an income? Or during formation of the business?
This video helped big time I was getting advice from the wrong people I will continue to watch more videos thanks again
I always thought of SSI, at least in my case, as a crutch and a theif. I received an EMT license in 2006 but I'm not allowed to work in Emergency Medicine. That's a waste of a license and of my time. It's also a waste of my money ($1,500). Since 2010, I designed over 60 tartan patterns and I want to start weaving many of those tartans to sell.
Hi John! That’s an awesome thing to make. It is really not designed to live on. I mean who could live on what they give you. I hope you are very successful. Thank you, Lori.
Hi Lori thank you for doing what you do. I am not able to work at all because of a bad knee and getting ready for surgery. I work for Instacart we deliver groceries, I also manage a venue for a nonprofit organization, I get paid $400. A month. Right now I’m not working at all because I can’t walk without a cane and very painful. So my question is can I apply for disability and if so how do I go about doing so? Thank you
Hello Mary! I’m sorry to hear about your knee and completely understand why it’s hard for you to work right now. You can sign up for Disability through Adult and Family Services through the county you live in so just google the closest location to you. I will tell you that getting approved can take time so the sooner you apply, the better. I’m praying that your surgery goes well so you’re able to walk and be out of pain. Take care and thank you, Lori.
I've been on SSI my entire life, due to autism, but I also deal with pain and adhd and other things. I don't have ssd or ssa or ssdi..just ssi. Never had to pay taxes before. How much can I make with a business without my ssi check being reduced? Do I need to report it to ssi?
Hi Amy! You can make up to $1,767 a month but you do need to pay taxes. I would speak to your caseworker about whether you need to report the income or not. Thank you, Lori.
Hi Lori! I’m looking to start my own business! I know you said I can get my state I’d and federal. Does this also mean I can get a work permit?
Are you a US Citizen and over 18?
This is scary. My SSI/SDI allows me & my small family to survive. But my dream is to be successful as an indie author. I'm near blind, & fear of losing my benefits if I try to succeed.
Hi Jeremy! I understand it can be scary and I would check with your caseworker if you have one because you can still work part time without losing your benefits. I hope one day you can be successful and for your dreams to come true. Thank you, Lori.
Hello Lori . Can I get an LLC without messing up my ssi? I was thinking of just painting houses from time to time for some extra cash.
Hello Marley! No it doesn’t affect your SSI but working full time even if it’s a business can. I hope that helps. Please remember to like and subscribe and thank you for watching, Lori.
Hi Lori, thank you so much for your info on this video. What if you build multiple streams of income from YT etc and are on Survival Disability? How much are you allowed to make?
Hi Vanessa. On Disability it’s about $1100 a month that you can have without it being a problem. Survival disability is a little bit different and I’m not too familiar with it but from what I researched, there’s no limit if you have reached full retirement age otherwise it’s about $18,000 a year. Keep in mind that it changes yearly. I still think it’s a good idea to research this as well. I hope that helps. Lori
@@craftingwithhwm Thank you so much I appreciate it!
Hi I have a question. I love to help other woman. A friend told me that I could take a like one person a week a coach then for about $10 a meeting. I want to try and do this. I could not take more then one a week. all I would be doing to helping them figure out what they want to do help with make a plan and then be there to talk to them if they need advice or incouragement. . I dont want to lose my money because it really hard for me to work all day everyday even If I had the weekends off
I think that’s a great idea and you won’t lose your benefits as long as you make under $1,200 a month. I hope this works out for you and that you’re able to make some extra money. Please don’t forget to like and subscribe if you enjoyed the video and thank you for watching, Lori.
I'm 31 yrs old; have been on disability since I was 18 months old, however I also get a check from my father as well. Together they're less than a thousand a month. I'm a Crafter...have been all my life, but I'm definitely not a pro at anything. I have recently gotten into Canva, when I was younger I loved using windows paint, so when I came across Canva I was happy again. I also love smash journaling/Scrapebooking and making bracelets and keychains. With that being said could I do something like print on demand products to be able to make some money to be able to but personal wants like craft supplies and organizers for it all?? I haven't been able to find anything that explains it good enough for me to understand it. Please Someone Help Me?!?
Hi Shalenia! If you’re doing it as a hobby and you’re not making very much money doing it then it should be fine. What they look at with SSDI is if you are doing something that could replace an income. You just have to be careful that the money does not go over the amount that is allowed. Good luck. Thank you, Lori.
I have SSDI and so far I have started a Phone Interpreting Independant Contractor job of less than 45 hours monthly! Let's see what they say when I report it? I only work 2 hours a week sitting on my bed! So there's nothing they can tell me that I physically working?🤔🤔🤔
Hello Paloma! As long as you’re not making more then $1310 per month gross then you should be fine. Just make sure to report it which you already are. I hope that helps. Thank you, Lori.
I gett ssi will they take my ssi away if I fill out a w9 cause I'm doing tcg player. Selling cards.. for like 100 bucks the most.. and everything else is like 8 dollars .20 cents.. and there for but it hardly ever goes 100 dollars..
No you won’t lose your SSI so no worries. Thank you, Lori.
Ok I would like to ask a big question on this subject. I want to open a sports card shop. I will need one employee. My former income was Over $120,000 a year and odds are this shop will never equal that. Also my personal time per week will be less than 8 hours spent “working”. What is my best option. I am on SSDI and a Disabled Veteran. Also as with all hobbies income is only measured through profit correct. If I spend a $1000 and break even or profit only $100 for example
Hello Normad! Technically you can make $1200 a month but if your working a significant amount of hours then that can be seen as work and could affect SSDI. Running a hobby from your home is not nearly as risky as opening a shop. I would ask an SSDI attorney because they would be able to answer this. Thank you, Lori.
Ask an SSDI attorney. Don't risk being denied.
What about ticket to work or telling them your working a business, then you automatically go back on ssdi if you get sicker again?
Hello Jackie! If you are making over the limit you will not go back on ssd automatically. Thank you, Lori.
What about doing foster parent for one kid? I'm 64 years old onv SSDI
Hi Brook! It won’t affect your benefits unless you’re providing services as an employee. Thank you, Lori.
So I have 2 questions. I know someone who has 2 vehicles and want to sell them because they can't drive, do they have to report it? Also, they also have a house and need to rent a room, do they need to report that as well and will they loose their benefits. They are on SSDI
This are not business related so it would not be considered a business transaction. I would advise this person to ask a SSDI attorney. I know they do not pay hardly anything and it is almost impossible to live on that.
What about a parent of a disabled child. Can parent have a home business and how will that affect ssi?
Hello Sherine! If you’re caring for a disabled child then you can have a home business and the income limit is between $3000 to $6000 per household. I hope that helps. Please don’t forget to like and subscribe and I appreciate you watching, Lori.
Hello, new subscriber here.
I had a stroke back in 2012 and have been on disability since. I just recently completed a tax preparation course and want to start an LLC working from home. Will this affect my ssdi benefits even though the work would be seasonal? Or I can form the LLC, but make sure my income is within the parameters? Thanks for any help you can provide me.
Hi there and welcome! I’m very sorry to hear about your stroke and you’ll be in my prayers. On the SSDI, yes it could affect it because the way they look at it is if you’re able to work then you’re not able to get benefits. Even keeping it under the amount you’re allowed to make doesn’t guarantee that it won’t cause a problem. That also could be year-round work just because of people filing late, people doing extensions, and corrections. I hope that helps. Thank you, Lori.
What is consider work?
If I become an coin loundeymat owner, is that consider work?
How about if I rent a house and get income on it?
Hello William! It’s anything that you earn money from so those would be considered work and would affect your SSI and Disability if you make more then a certain amount. I believe anything above $18,000 but you can ask for an exact amount since it can change from year to year. Thank you, Lori.
@@craftingwithhwm thank you for responding.
Correct me if I am wrong, I could make up to 1800 a month before my benefits start getting reduced?
Reference to the $600. Is that monthly or yearly?? Or just once a person has made that amount? No matter how long it takes to earn??
It is per tax year since it is an IRS rule. That is per person
Thank you Lori. If I don’t make $600 a year will the IRS take my license away?
Does ssdi look at the schedule C on my taxes to determine if I went over the amount? The schedule c deducts expenses.
SSDI would look at the profit or loss. I hope that helps. Thank you, Lori.
If I am on SSBI am working part-time as long as I stay under the earning limit. I should be fine, is that right?
Yes that’s correct and as long as you stay under the limit. Thank you, Lori.
i have a quick queston i have a hobby and want to know if it ok to do twitch it a live streaming communitty and want to know if that ok for ssi that it will not take my ssi or medicaid and it only paid 100 dollar and I am disable let me know when you get a chance
That’s a great question. As long as you don’t make more then $1,500 per month then you won’t lose your SSI benefits. I hope that helps. Thank you, Lori.
I received ssdi but want to start a nonprofit organization. And receive no income should I be okay or should I be the founder and let someone else run the nonprofit? I mainly visit people In the nurse homes and do annually events for Veterans Day and Christmas, and sometimes do events at children hospitals like arts and crafts
Hello John! I think the work you do is wonderful and you have a good heart. Starting a non profit organization won’t affect your SSDI so you will be fine. Thank you, Lori.
Hard Working Mom thanks I appreciate it🙂 God bless
Hard Working Mom hi what about an online business?
Hello Ushriya! Yes an online business would affect your ssdi. If you make more then $1,100 then you would no longer qualify. Thank you, Lori.
@@craftingwithhwm Ok is that 1.100 for a month due to I am thinking of selling some of my items on Ebay so as long as it is not 1,100 a month?
How about the health insurance?
Hello Thomas! With health insurance, you can get that as a individual and write off the expenses in your business if you’re self employed. Lori.
What about doing art commissions and getting an LLC for the purpose of protecting my artwork? I'm in a wheelchair and reply on my disability for medical insurance.
Hi Johnathan! Yes you absolutely can do an LLC, however you have to be very careful on disability that they don’t see that as a form to replace your income. Good luck and wishing you all the best. Thank you, Lori.
@@craftingwithhwm Thank you.
Once you achieve FRA can you work without limits and just take Social Security?
Hi Celiac! When you reach your full retirement age, you can work and earn as much as you want and still get your full Social Security benefit payment. Thank you for watching, Lori.
I wander how much a couple would recieve monthly if both are on ssi?
That depends on a lot of factors such as how much they were making and if they had a lawyer who gets a portion etc. Thank you Lori
@@craftingwithhwm Ok. Thank you Lori
You are more than welcome, anytime.
Can I write while on SSI? Or make crafts?
Hi Kayla! You can but there’s a limit on how much income you make. I would ask your caseworker for more info and they can let you know based on the state you live in. Thank you for watching, Lori.
I have a question if I only make $100-200 in a few months will they cut my beniftswill they find out Will I have to fill out taxes I am with etsy
Hi Sebastian! You do have to report everything especially if it’s with Etsy but they should be looking at what you made and profit and not just the actual revenue. You wouldn’t lose your SS or Disability with that amount of income though. Thank you, Lori.
@@craftingwithhwm what about if i make $500-$600 Will they cut my benfits as A Disabled person i think we should have righgs to start a small bussiness I am helping my son with his small busness and he is using my SSN And i am disabled
If your son is using your SSN then whatever income he makes from his business will be counted as your income however $500-$600 a month is still under the limit so you won’t lose your disability. You do have the right to start a small business as long as you don’t make more then the limit which is about $1,200 Gross monthly. Lori
lf I lose my disability and my business fails, do I have to reapply and wait years to be re-approved?
You need to consult a disability attorney for that question. Make sure you know all the laws before you make a decision. Lori
Very scary. I have a young child & this is my fear. My ssi/ssdi is all we have right now.
There are things I would wish to know:
What if all you have left after bills are paid is $65 and that has to go for household needs?
If you are on SSDI, and can't leave home due to being a caretaker, how can you start a business with no money?
If you are on SSDI and wish to leave dependency of it, would it be possible to start a business and declare that any money made through it beyond $15k a year belongs not to you but the business itself and then when so much money is acquired under the business EIN bank account you advance the business to a second more efficient and productive stage that would be able to sustain your financial needs from there on to the point where you can leave SSDI dependency?
If this is possible to do, could you help me create a roadmap?
I can’t create a road map because that’s something taught in my group. If there is only $65 left after bills then making wreaths to sell isn’t really something they can do. I would suggest starting a RUclips channel and showing people how to make crafts using dollar tree or thrift items. With time a channel can bring in income. Thank you, Lori.
No not exactly.
For SS Retirement:
For those who are over 62 and under their full retirement age, there is an earnings limit (19,560 in 2022). For any amount above the earnings limit social security will withhold $1 for every $2 you earn over the limit. This is not a tax, it actually remains your money that will be returned to you over time if you live long enough.
For people who have reached their full retirement age, there is no such penalty.
There is a special rule for the first year that you reach full retirement age.
If your total annual income as an individual is under $25,000 the social security portion of your income is not taxable. If your total annual income is between $25,000 and $34,000, up to 50% of the social security portion of your income is taxable. If your total annual income is over $34,000, 85% of the social security portion of your income is taxable. The maximum portion of social security income that is taxable is 85%.
I do not give exact amounts and this video has not been updated to current tax legislation but yes. The point of this video is to make all of what you said easier to understand to a Lehman. The average person is going to have no idea what you said. Thank you, Lori.
is that $600 a month or over the year? 2021
Hi Jaye! It’s over a month. Thank you for watching, Lori.
Could you sell on eBay?
Yes you absolutely can. Lori
Where is your link?
Hi there! What link are you looking for? Thank you, Lori.
What did you mean towards the end when you said there's a difference between making $1,000 and being paid $1,000? Also wondering if there's anything in this video that is no longer relevant since it's kind of old
Hi there! It’s for working in a business not for someone just giving you money that’s a gift and not a business transaction. Everything in the video is still relevant. Thank you for watching, Lori.
@@craftingwithhwm thank you for your reply so much! your videos are super helpful. Do you have links to like official documentation about this? my sister wants to look it over before we commit to anything.
Hi there! I don’t have anything like that for RUclips but I have a Business Group where I mentor members who want to start a business and I do 30 minute one-on-ones and go into more detail. Here’s the link if you would like to check it out and I can help you further. hardworkingmom.com/success-path. Lori
what about the money of being an author....
I want a self sustained writing hobbie....
Hello Ryoko! If you would like a writing career, you can keep your benefits as long as you don’t make more then about $18,000 per year. Thank you, Lori.
Help me plz
Hi Lyatunde! What can I help you with? Lori
Can you put the business in your child’s name?
Hello Sasha! If you put the business in your child’s name, you’re still the one working and getting paid. If your child is the one getting the money under her name then she would be the one filing taxes so it could get complicated. It would be easier to just make sure your income is under the limit and then you wouldn’t lose your disability. Thank you for watching, Lori.
Wasnt really helpful since she made no distinction between ssi disability and ssdi disability
These are just the basics of both and there isn’t a huge difference but I discuss it more thoroughly in my Business Group. Thank you, Lori.
If I make $2000 a year doing online surveys for gift cards for sites like swagbucks will it affect my benefits
Hello there! That won’t affect your benefits. Thank you for watching, Lori.
@@craftingwithhwm Thank you