Working from home, for some moms, is great. For some, it is a chance to make money whilst tending to their children. For some, it is a chance to do something for themselves, for a change, as opposed to always doing things for their child and other people. For some, it is just a chance to keep their fingers in the world of work. However, no matter why you are work-from-mom, and no matter what work you do from home, there are some important things that you simply need to know; these things, generally, involve financial and legal matters. To find out what these things are, and how they are to be dealt with, make sure to read on.
You have to stay registered
If you work from home every single day and do not have a place of work outside of your home to travel to at all, whether you are your own boss and own the business you work for or not, you are technically self-employed or are a contractor. And, because this is the case, you have to register yourself properly and legally as self-employed. If you don’t, then you could and more than likely will find yourself in hot water with your government. And, if you do own your own business, no matter its size, it needs to be registered with the government also. If it’s not, then there are no maybes about it, you and your business will be caught, you’ll be deemed to be illegally trading, you’ll be shut down and, depending on the severity of your business’s earnings, you may even face a charge.
You have to pay your taxes
You know you have to pay tax regardless of what work you do, right? Well, knowing you have to pay your taxes as a work-from-home mom and private contractor is one thing, but actually doing it is another thing. To do it, you should, first of all, make sure you are a declared taxpayer. Second of all, you should save enough money so that you’ll be able to pay off your tax bill come to the end of the financial year.
If you’ve got your heart set on cutting down on your tax bill, and doing it legally, then make sure to check out this article.
You have to keep a record of everything
To assist you in your taxing efforts, and pretty much every other financial aspect of your work-from-home venture, then you must keep a record of everything. This means retaining each and every invoice you send or even receive — save them in multiple places and back them up in order to make absolutely sure that they won’t be disappearing. This means generating payroll stubs, by using a service such as that found at PaystubCreator.net, in order to keep a record of any paychecks and money that you receive or payout in regards to your work. And this means keeping your contract as up to date as can be at all times.
Work-from-home ventures are great ventures to take, but it’s not all calm working environments and endless amounts of tea. It’s about dealing with the financial matters involved with them, too. So, make sure you take heed of the advice above if you are indeed a work-from-home mom!
And after you’re done organizing your work’s financial matters, make sure you get to organizing your health insurance, too.