https://youtu.be/XiUP63KwNf8?si=1oGAYLYwMnBvhD2Q

You will need to report your business activity to Social Security.

When you first open your business, there are 3 things you need to report:

  1. Description of the business
    1. Name of business
    2. Brief description of business
    3. Business structure
    4. Any co-owners
  2. Income: Projected Net Earnings from Self-Employment for the Year
    1. This is an estimate for your earnings for the year. It’s ok if it’s not a perfect estimate - it can be updated later.
  3. Resources: List of business assets
    1. Any assets, including bank accounts, that belong to the business (not to you!) and a description of how they are used in the business

Social Security will use your estimate or Net Earnings from Self-Employment to calculate your SSI payment. When you file your taxes, you’ll submit your business tax return to Social Security, and they’ll use that to reconcile your SSI payments.

If you earned less money than you expected to from your business, Social Security may owe you money. If you earned more money than you expected to from your business, you may owe Social Security money.

You can update your projections for Net Earnings from Self-Employment anytime; if your actual Net Earnings from Self-Employment are a lot different from what you expected, contact Social Security and let them know.

You can use this template to report your business activity.

Business Activity Report for SSI Recipient.pdf

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To Do: Complete your Business Activity Report. You can mail it to your local office, drop it off at your local office, or call your local office and use it as a script to guide your conversation.

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