{"id":2430,"date":"2017-12-26T08:16:51","date_gmt":"2017-12-26T13:16:51","guid":{"rendered":"http:\/\/keysolutions.us\/blog\/?p=2430"},"modified":"2017-12-26T08:16:51","modified_gmt":"2017-12-26T13:16:51","slug":"how-to-lose-social-security-benefits","status":"publish","type":"post","link":"https:\/\/keysolutions.us\/blog\/how-to-lose-social-security-benefits\/","title":{"rendered":"How to Lose Social Security Benefits"},"content":{"rendered":"<p>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, <strong>but you will also lose social security credits which may impact your social security benefits.<\/strong><\/p>\n<p>The social security code (42 U.S.C. 405(c)(4)) says you have to report the SE income<!--more--> before the expiration of the \u201ctime limitation\u201d. Sec. (c)(4)(C) says if you don&#8217;t file by the expiration of the time limitation, then your SE income is zero unless you can show that you filed before the expiration of the time limitation. Sec. (c)(1)(B) says that the \u201ctime limitation\u201d is 3 years, 3 months &amp; 15 days.<\/p>\n<p>This limitation does not apply to W-2 earnings because employers report those wages to the Social Security Administration. However, self-employed individuals need to file Sch. SE with their Form 1040 to have their earnings properly reported.<\/p>\n<p>Remember that the \u201cC\u201d in FICA and SECA stands for \u201ccontributions\u201d.<\/p>\n<p>If you would like to discuss your business or personal <a href=\"http:\/\/www.keysolutions.us\/svcs_tax.htm\">tax planning<\/a>, <a href=\"http:\/\/www.keysolutions.us\/svcs_tax.htm\">tax preparation<\/a> and other financial concerns with an experienced tax professional, we invite you to call <a href=\"http:\/\/www.keysolutions.us\/\">610-594-2601<\/a> today to make an appointment at our <a href=\"http:\/\/www.keysolutions.us\/index.htm\">Exton PA CPA office<\/a> to discuss your situation. You can also schedule a consultation at <a href=\"http:\/\/keysolutions.us\/consultation.htm\">Click Here<\/a>.<\/p>\n<h5><strong>Copyright \u00a9 2017 Keystone Financial Solutions, P.C.\u00a0 All rights reserved.\u00a0 BE SURE TO READ THE DISCLAIMER PAGE: Content in this blog is for educational purposes only and should not be considered as the rendering of tax, legal or investment advice. The publisher of this blog makes no representations as to the accuracy or completeness of any information herein, will not be liable for any errors or omissions, and shall not assume liability for\u00a0<\/strong><strong>any losses, injuries, or damages from the display or use of this information.<\/strong><\/h5>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[3],"tags":[],"class_list":{"0":"post-2430","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-irs-tax-planning-ideas-tips-news","7":"entry"},"aioseo_notices":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9W9tf-Dc","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/posts\/2430","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/comments?post=2430"}],"version-history":[{"count":3,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/posts\/2430\/revisions"}],"predecessor-version":[{"id":2433,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/posts\/2430\/revisions\/2433"}],"wp:attachment":[{"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/media?parent=2430"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/categories?post=2430"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/tags?post=2430"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}