I’m a  partner in a small business and am a couple of years away from collecting social security benefits. The business is LLC,  husband wife partnership and taking losses.

I would like to pay social security taxes for the next couple of years. I received guaranteed payment for 2008, but the share of loss is more than the payment. So, I  could not pay the taxes.

Are there any options available like changing the business to s corporation, etc. so that I can  pay taxes?

Larisa’s Response: There is a better option available for you to receive more money than you would get from social security. You should seek the assistance of a certified  financial planner who can help you find higher yielding investments for your money. The planner can come up with a retirement plan that will support your goals and dreams for the rest of your life. Switching to an S-corp is not an option because S-corps don’t pay self employment tax.