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Financial Issues for Work at home contractors

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Financial Issues for Work at Home Warriors

If you work at home as a contractor and will not be receiving company benefits, you'll want to address these financial issues.

1. Health Insurance. Don't overlook the importance of having good health insurance. Purchase your own if your employer is no longer providing it. (You're in for a quick lesson on how RIDICULOUS health insurance costs are and what a national scandal our country's healthcare, insurance and legal systems are.)
   
2. Retirement. If 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 work at home tax savings account. If you work at home as 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.
   
4. Have a meeting with a financial planner, tax and/or accounting professional who can advise you on the financial impact of your new work at home lifestyle and how you can take to take maximum advantage of the opportunities available to you under the tax law. 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.
   
5. In addition to saving for tax payments, save for a rainy day. If you hit a dry spell between work at home contracts or are unable to work for some reason, be sure you have savings available to carry you over to sunnier days.
   

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. Take the time in the beginning to educate yourself and structure your life for the best possible future.

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