This is my first year receiving social security benefits over a 12 months. I signed up for benefits early, at age 62, and am now 63. Last year my net earnings were under the limit, but this year I am concerned that I may be over the limit by a few thousand Dollars. Up until now I have been deducting my home office, for example, but I have been living out of the country (on a tourist visa, not as a resident), and my official home address in Texas is shared with a family member who also works from home. Here are my questions:
1) Since I won't be able to claim the home office deduction, what are some other ways to lower my net earnings as a self-employed person working part-time? Roth IRA contributions?
2) Will my self-employment earnings make my social security income taxable?
3) If my earnings exceed the social security limit, are future payments adjusted beginning in 2024, or how does that work? I only file taxes once a year, including my business taxes as a sole propietor.
Any strategies you can suggest are REALLY appreciated!
