Work From Home but take care of your finances

Jan 27th 2011 at 9:04 PM


CEO/DIRECTOR Global Success For All


Take care of your finances


When you worked at a job out in the brick-and-mortar world, the only bookkeeping that was required of you was to keep your bank register up to date and avoid overdrafts. Your employer worried about the company finances and kept records for you as well. Each year you got a W-2 form that showed how much money you earned and how much had been withheld for taxes and FICA. Your employer saw to it that your health insurance premiums were paid and, if you were enrolled in the company retirement plan, your employer handled that, too.


Now that you are working for yourself — whether you have an online business or are employed by an online business — you are going to be responsible for your own record keeping. If you work for others on the Internet, it is very rare that they hold out FICA and income taxes.


Basically, you are a contract employee, and that means that you are responsible for paying your own income taxes and ALL of your FICA rather than just half of it as you did when you were an employee. You will be required to keep records of your earnings and make quarterly deposits for income taxes and FICA payments. When you have an online business of your own, you are responsible for your personal income tax and FICA quarterly deposits as well as quarterly income tax deposits that your company owes.


It's a good idea to get organized when you start your business or begin working at an online job. I'll bet you would hate nasty little surprises like finding out that you owe the government several thousand dollars in taxes plus penalties and interest.

The best idea is to set up your personal and your business record keeping system when you start your business or to hire a bookkeeper or an accountant to keep the records for you. 


Please check this!

See you in the next article....  


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