Can I Run a Business and Still Collect Social Security Disability Benefits-
Can I own a business and collect Social Security Disability? This is a question that many individuals with disabilities face when considering their financial and career options. The answer is not straightforward and depends on various factors, including the nature of the business, the severity of the disability, and the specific regulations set by the Social Security Administration (SSA). In this article, we will explore the intricacies of owning a business while collecting Social Security Disability benefits.
Owning a business can be a fulfilling and rewarding endeavor for individuals with disabilities. However, it is crucial to understand the rules and regulations surrounding Social Security Disability (SSD) benefits to ensure that you can continue receiving these benefits while running your business. The SSA defines “substantial gainful activity” (SGA) as earning more than a certain amount per month. For 2023, the SGA limit for non-blind individuals is $1,350 per month, and for blind individuals, it is $2,260 per month.
Understanding the Rules
When considering whether you can own a business and collect SSD benefits, it is essential to understand the SSA’s definition of “engaging in substantial gainful activity.” The SSA takes into account the type of business you own, the hours you work, and the income you earn. If your business generates income that exceeds the SGA limit, you may be at risk of losing your SSD benefits.
Types of Businesses
The type of business you own can impact your ability to collect SSD benefits. For example, if you own a business that requires you to perform substantial physical labor, the SSA may consider this as engaging in SGA. However, if your business is a service-based or administrative role, the SSA may be more lenient in determining whether you are engaging in SGA.
Self-Employment and SSD Benefits
If you are self-employed and collecting SSD benefits, the SSA will assess your business income to determine if it exceeds the SGA limit. They will consider factors such as the nature of your business, the time you spend on business activities, and the income you earn. It is important to keep accurate records of your business expenses and income to demonstrate that your business is not generating substantial income.
Seeking Professional Advice
Navigating the complexities of owning a business and collecting SSD benefits can be challenging. It is advisable to consult with a qualified attorney or a financial advisor who specializes in SSD benefits. They can help you understand the rules and regulations, and guide you in making informed decisions regarding your business and SSD benefits.
Conclusion
In conclusion, owning a business and collecting Social Security Disability benefits is possible, but it requires careful planning and adherence to the SSA’s rules and regulations. Understanding the nature of your business, the income it generates, and the impact on your SSD benefits is crucial. By seeking professional advice and maintaining accurate records, you can ensure that you can pursue your entrepreneurial dreams while maintaining your SSD benefits.
