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Working From Home Also Means Paying Taxes.

2 March 2012 No Comment

The biggest trend in the employment world for the past two decades is telecommuting or working from home on a contract or freelance basis. With cut backs, downsizing and the fact that it’s so much cheaper to hire freelance or telecommuting workers, more and more companies are resorting to this option, to get their work completed. Over the past 13 years we’re helped many job seekers in working from home quest and I’ve personally been doing my thing from home for the past 15 years.

If you’re new to the work at home industry you may be wondering if as a freelance worker you have to pay/submit taxes. It seems that every tax season I tend to touch on this subject as it’s very important to note that even though you’re not getting a weekly pay cheque from an employer with deductions, it’s your duty to pay taxes. Working from home does have it’s advantages and freedom, but when it comes to the ‘tax man” there’s no getting away from his long reach.

Unless you’re a bookkeeper, have an accounting background or just comfortable with filing your own taxes, I highly recommend hiringĀ  a professional. An accountant will not only know all the latest rules as it applies to your unique situation, they will also be able to tell you what you can claim as far as deductions are concerned. What part of your hydro, gas, phone bill, house insurance (providing you work out of your home) you can claim legally. Along with things like business lunches, gas for your car if you have to go meet clients and even your dry cleaning bill. You’d be quite surprised at what you can claim when you take a closer look at your expenses as it relates to your job or business.

So there’s no excuse now not to have your taxes up to date and paid. Now if you’re in a situation where you can’t make the full payment of what you owe, you may consider calling your tax office and find out about a payment schedule. Show your willingness to pay and highlight the fact that “this” is what you can afford to pay. Don’t have the tax-man chase you down or you will regret it.

 

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