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I'm retired on a State pension, in 2016 I started acquiring equipment (under 2k) for a DJ/Band business I'm starting am I subject to SECA?

Forum|Forum|7 years ago
June 4, 2019
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I paid into Social Security for almost forty years and will not receive it for 3 more years. I received no net income from this new Business in 2016

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Best answer by TaxGuyBill

You are subject to Self Employment taxes on your profit from your business, regardless of age or retirement status.

Because you did not have a profit in 2016, no, you are not subject to it. However, in future years, yes, you will be subject to it when your business shows a profit.

T

TaxGuyBillAnswer

Employee

You are subject to Self Employment taxes on your profit from your business, regardless of age or retirement status.

Because you did not have a profit in 2016, no, you are not subject to it. However, in future years, yes, you will be subject to it when your business shows a profit.