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Take the time
for financial planning when you
start your new home-based
career.
How will your new work at home job affect you and your family financially?
One home-based employee, Sue P., had a high-paying outside job for years. She and her husband were both professionals and earned over $150,000 a year. Even though their employers both took out huge sums of money every month for their taxes, they still ended up writing a big, fat check for more taxes every April. They felt they were being taxed to death. When she became a stay at home mom and quit her outside job to take a less-paying job at home, she and her husband stopped having to write checks for taxes and instead, amazing, started receiving large tax refund checks every year!
Another story involves another stay at home mom and computer programmer named Ellie. Ellie was so excited when she found her first home-based job that the she jumped straight in without thinking as soon as it was offered to her. She had always been an outside employee, like most of us once were before we starting working at home, and she loved being an independent contractor. Her employer didn't take federal taxes out of her paychecks since she was an independent contractor. Everything was rolling along quite well until Ellie had her tax return prepared the following year. She had earned over $80,000 working at home but never thought to save any money for taxes... she had a big problem when it came time to write that tax check because she was caught totally off guard.
Working at home can be great. It can be even better with a little planning.
Whether you work at home as an independent contractor or a regular employee who continues to receive company benefits, it is to your best advantage to take the time and examine how to maximize the benefits of your new home-based lifestyle to your best financial advantage.
If you enjoy a home-based career, pay attention to these financial considerations for people who work at home, and TALK TO A COMPETENT ACCOUNTING PROFESSIONAL WHO CAN ADVISE YOU ABOUT THE CHANGES IN YOUR LIFESTYLE WHEN YOU WORK AT HOME, AND CAN HELP YOU PLAN SMART WHEN IT COMES TO TAX AND RETIREMENT PLANNING.
A home-based opportunity can be one of the most exciting and beneficial advantages a family can have. Take the time to evaluate and plan for the changes in your life as a result of your work at home job.
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