PLEASE NOTE: THIS INFORMATION IS NOT INTENDED TO GIVE YOU LEGAL, ACCOUNTING, TAX OR FINANCIAL ADVICE. 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.
If you enjoy working at home doing one or more work at home jobs, especially if you're an independent contractor, your employer may not collecting and paying your taxes, building you up a handsome pension, and paying for your health insurance.
If you have a home-based job or a home business, be sure that you take care of:
1. Health Insurance. If you've traded in that old office job for working at home, 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. Some private insurance policies, known as HSA's, offer potential retirement and tax benefits.
2. 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!
3. Get yourself a 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 youre' ready and able to pay taxes when the time comes in April.
4. 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.
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 home-based jobs or businesses. Take the time in the beginning to educate yourself and structure your life for the best possible future.
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