He Booked $40,000 of Next Year’s Hunting Trips.
Social Security Counted the Money Before He Saddled a Horse
Quick Read – Nonrefundable deposits collected in December count as that year’s income under cash-method accounting, potentially triggering Social Security withholding before any work begins. – Social Security withholds $1 for every $2 earned above the annual limit, hitting caterers, contractors, and fishing guides who collect advance payments months early. – A December payment and a January payment fall into entirely different earnings-test years, making deposit timing a critical financial decision for early Social Security claimants. – Many financial professionals are salespeople paid on what they push, not whether you end up wealthier. A fiduciary is the opposite. The SEC legally requires them to put your interests first.
Advisor.com’s free matching tool pairs you with vetted fiduciaries from major national firms, all in under three minutes. See who you match with today. Picture a Montana outfitter, call him Ray, who runs elk hunts every fall.