My mom brought something to my attention yesterday. She asked, "Since you are self-employed, are you taking money out of your check and putting it into Social Security?" My response was, "There's not going to be any money in there anyway so what's the point!?" Point taken. But, she did have a point.
I looked back at my 1099 and there is not anything being taken out. I am required to submit quarterly taxes and I assume the IRS doesn't submit some money to my Social Security account. That would be nice, wouldn't it!?
So, just something to talk to your qualified CPA or accountant about. Maybe I would be better off taking that money and putting it into my own account somewhere...
3 months ago