Unemployment benefit while we start small business?

LayedOff_GC_Guy

Registered Users (C)
Can we still file for unemployment benefits while we do a small business?? (because the income in the business is very very small amount..)

Is it safer to do small business on wife's name instead? will they consider total family income while granting the benefits?

Thanks for any help!!
 
unemployment benefits

I don't think you can ever opt for unemployment benefits while doing small business. As you will need to register your business and file for the returns on that business to legitimize your income, even if it is a small amount. The long term benefit can be you can take more salary than income now, invest money in it if you are confident of your abilities, show loss in your income for a few years till you break even, and then enjoy the beneifts of this loss in the long term returns till you negate these losses. Wish you all the best in your endeavor!
 
Hello gc7520,

If wife does the business on her name, can I claim unemployment as I have worked in the immediate past? Please reply..

Thanks.
 
unemployment benefits

Sure, why not? Go to any SBA office (small business administration) in your area and they will provide you free assistance from setting up business upto exploring business opprtunities for minorities.
 
unemployment benefits

Even if you file joint return, the loss in the business will always carry forwrd in the next year to your benefit in the long term. Separate filing is also an option, and one can carry the kid on the paper (if any)!
 
unemployment benefits

to the best of my knowledge, yes. Even if you are filing joint return. Plese confirm from a more reliable source, but I know some people collecting unemployment, filing joint return and wife is working.
 
Yes you can..

Normally Unemployments benefits will be paid from the payroll taxes collected from your employer, irrespective of the payroll taxes are from one employer or multiple employers. It is very complex procedure to determine whether particular claimant is eligible for enemployment benefits or not. Everybody is in a perception that Unemployment benefits will be paid only when applied immediately after layoff (By the bye, unemployment benefits will be paid in case of layoff scenario only, not for firings or voluntarily leaving a company).

The states consider whether claimant worked between 5th quarter and 4th quarter from the claim file date. States consider in terms of quarters. January to March is the 1st Quarter, April to June is the 2nd quarter, July to September is the 3rd quarter adn October to December is the 4th quarter. The maximum amount per week to paid is dependent on each state's rule.

For Example: if the claim file date is 05/01/2003. i.e. the claimant filed for benefits in the 2nd quarter (2nd quarter is April to June and the current month is May). The base period start date is the first day of the 5th quarter before the file date i.e. 1st quarter of previous year. So the Base period start date is 01/01/2002. The base period end date is the last day of the 4th quarter before the quarter in which claim is filed. it is 2rd quarter of the previous year and the date is 06/30/02. Whatever the earnings the claimant earned in this period is considered for Unemployment benefits.

As I said it is a very complex process, but I believe it clears all your doubts. You are eligible for Unemployment benefits for 6 months if you worked between 01/01/2002 and 06/30/2002. Or you are entitled to get benefits based on the payroll taxes collected during this period. You still be eligible for part benefits, you you worked for part of that period.
 
It is individual basis

Not related to family. Even if both wife and husband were laid off, both are eligible for Unemployment insurance if they are eligible as per the eligibility criteria mentioned above
 
Hey !

Hey !
I am on EAD and my 485 is still pending.. Is it possible for me to start a bussiness of my own. Would there be any problem?

Gurus' please advise..

Thanks

ben
 
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