More and more people are deciding to ditch the office and set up shop at home. If this is a decision you are trying to make, there are a few things to keep in mind before you decide. While there are definite perks to working on your own, here are a few things to help make it a successful decision.
SET UP A DEFINED SPACE AND WORK HOURS
Having a clear place to work helps keep your mind focused, and setting specific hours also keeps your work and personal life separate. Being at home provides a lot of opportunity for distractions, but if you have a clear place to “go” to work, then you can eliminate part of this. Have a clock clearly visible so that you can keep track of how long you are spending in the office. This is just one of many home business financial success systems tips one can use to be more efficient with their time.
KNOW YOUR TAX BENEFITS
Many work at home employees don’t realize the tax write-offs that are available. It might seem like a lot of paperwork, but the IRS has actually made it easier in recent years. A percentage of your home’s square footage can be deducted as a business expense, as well as 100% of any supplies or other expenses (such as internet). The office must be clearly defined and used exclusively for business purposes.
KEEP SOCIAL NETWORKS ALIVE
It might be easy to become the invisible employee, but it is important to keep your network alive. Make personal phone calls, drop into the main office for special events, and keep good working social networks alive with your co-workers or other professionals in your field. This will be a boon if you want to add more clients or work towards a promotion in the future.
TAXES AND RETIREMENT
Working for yourself means you don’t have an employer to do legwork for you on the taxes and retirement plan. You will need to hire an accountant or develop a good understanding of the tax laws. Self-employed individuals not only need to pay taxes quarterly to eliminate sticker shock at tax time, but the IRS actually requires you to send in anticipated taxes for the year. Find your forms and make sure to keep on top of this element. Set aside a portion of all income to go to taxes just like your employer would do for you with federal taxes. Realize that different types of home business financial success systems focus on different financial aspects.
Retirement plans might seem like a great plan through an employer, but being self-employed gives you a nice tax break. Retirement savings plans like and IRA can give you insurance for your future and a nice tax break now (and then). Make sure you are making long term plans, whether you decide to work from home or stay in a traditional office setting.
It takes a real self-starter to successfully work at home, but the benefits can more than make up for the added things you have to learn. Setting your own hours, losing the commute and being your own boss are the new way to do business.
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Website: http://www.shiftmyincome.com
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