Financial tips for people with work at home jobs.
You may love your work at home job as much as I do, but if you're like me, your employer is probably not collecting and paying your taxes, building you up a handsome pension, and paying for your health insurance. He quit doing that when we told him he could keep his fancy water cooler and his stuffy office job... we wanted to work at home barefoot!
Financial Tips for those of us with work at home jobs...
If you haven't already, get yourself a work at home tax savings account. If you're an independent contractor and your employer doesn't take your taxes out of your checks, you should be taking some out of each check yourself and putting it away in the savings account so you're ready and able to pay taxes when the time comes in April. Plus, you'll be able to draw interest on the money while it's sitting in your account. People with work at home jobs pay taxes, too.
Have a meeting with a financial planner, tax and/or accounting professional who can advise you on how your wonderful new work at home lifestyle will impact you financially and what steps you can take to take maximum advantage of the opportunities available to you under the tax law. Such professionals can help you set up a system for keeping track of expenses and structuring your life and business in such a way that you pay as little tax as legally possible, while keeping an eye out for your future.
Health Insurance. If you’ve traded in that old office job for work at home jobs, your employer may no longer be providing health insurance. Don’t overlook the importance of having good health insurance and take the time to purchase your own if your employer is no longer providing it.
Retirement. Your employer is no longer providing a 401(k) or other retirement program, that’s okay as long as you take the steps to plan for your own retirement! Save up all year to take maximum advantage of the tax deductible IRA contributions you can make each year and talk to a qualified professional about setting up a retirement program. Remember, people with work at home jobs retire someday, too!
Take the time in the beginning to educate yourself and structure your life for the best possible future.
A little bit of tax, financial and retirement planning can go a long way toward a secure, surprise-free, and fulfilling life for families with work at home jobs.
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| Not intended to give financial, tax, legal or accounting advice. Please contact a competent professional to properly advise you on tax, accounting, legal and financial matters. |
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