If you are self-employed and procrastinate filing your personal income tax returns, you not only run the risk of losing a tax refund because your Form 1040 return was filed after the statute of limitations for claiming a refund had expired, but you will also lose social security credits which may impact your social security benefits.
The social security code (42 U.S.C. 405(c)(4)) says you have to report the SE income [Read more…] about How to Lose Social Security Benefits