For the calendar year 2020 - The earnings limit for workers who are younger than "full" retirement age is $18,240. (Social Security deducts $1 from benefits for each $2 earned over $18,240.)
The earnings limit for people turning 66 in 2020 is $48,600. (Social Security deducts $1 from benefits for each $3 earned over $48,600 until the month the worker turns age 66.)
There is no limit on earnings for workers who are "full" retirement age or older for the entire year.
Please note that the “full” retirement age is - age 66 for people born in 1943 through 1954. For people born each year thereafter until 1960 “full” retirement age is extended by 2 months per year. If you are born in 1955 “full” retirement age is 66 and 2 months; if you were born in 1956 “full” retirement age is 66 and 4 months; etc. If you were born in 1960 and later “full” retirement age is 67.
Please follow the links below to the IRS's website for guidance:
We recommend that businesses keep all records related to corporate structure permanently. Certain payroll records should also be kept permanently.
We know that receiving a notice can be unnerving. We recommend that our clients forward all such notices to us so that we can quickly determine what the best course of action is.
The IRS requires businesses to maintain auto usage logs/records indicating how many miles they traveled each day. It is our experience that the IRS does not allow estimates of mileage and in fact, may disallow the entire mileage deduction if records/logs are not maintained.
Estimates are not acceptable!
We typically do not charge prospective clients for introductory meetings. We look at that meeting as a time for us to understand what the prospective client’s needs are, and to ensure that we are able to service them in a timely manner. We also only accept clients who are aligned with our firm direction.