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It is important to evalute the impact of your new work at home career on your family's financial situation and maximize the financial benefits of your work at home lifestyle.
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How will that new work at home job affect you and your family financially?
One work at home mom, 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. 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, starting 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 discovered the opportunity to become a work at home mom that 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 a mom and an independent contractor. Her employer didn't take federal taxes out of her paychecks since she was a work at home independent contractor. Everything was rolling along quite well until Ellie and her husband had their tax return prepared the following year. She had earned over $80,000 working at home but never thought to save any money for taxes... they had a big problem when it came time to write that tax check!
Working at home can be great for moms, dads and kids. It can be even greater 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 work at home lifestyle to your best financial advantage.
If you're a work at home mom pay attention to these financial considerations for families 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.
Making the change to a rewarding and gratifying work at home lifestyle 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 becoming a work at home mom so that you can turn this joyous time of your life into a financially-rewarding time as well.
Get more information about the classification of work at home moms as independent contractors and employees
Table showing differences between work at home moms as independent contractors and employees
