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If you regularly earn money at home, then you are self-employed. Simply put, self-employment entails being in business for yourself and enjoying all of the rewards that go along with it. If you consistently participate in paid surveys, the income may be taxable. Nobody loves tax time, but it's important to realize the many benefits of making money from home and one of those benefits may actually relate to taxes.
If you work at home and regularly participate in online surveys, you may be able to deduct the cost of your computer, internet access and other expenses directly related to your business. If your printer, fax machine or other office equipment is required for the operation of your business, then you may be able to deduct the cost and expenses related to each of these items as well. In addition, you may deduct your health insurance as it is a necessary expense that may otherwise be offered through a traditional employer. When you are self-employed, however, you are required to find your own insurance and seek coverage according to your needs.
For some, paid surveys account for occasional income and may only serve as extra spending money. For others, it may be the equivalent to a part-time or full-time job. There are many benefits to working at home, including choosing your own work hours, spending time with family, showing up at the office in your favorite pajamas and house slippers and taking breaks whenever you need them. Not to mention when vacation time rolls around, you won't have to ask the boss if you can have time off or schedule your recreational time to suit him/her. Instead, you will enjoy the freedom of coming and going as you please and working as much or as little as you like. Self-employment can be a wonderful adjustment for those who are tired of the typical 9 to 5 job.
Although tax time can be a little more difficult for self-employed individuals, the good news is that work at home businesses are entitled to the same deductions as large businesses. If you participate in paid surveys and pay a fee of any type, keep your receipts for expense deductions, along with your monthly internet bills and any other services that you purchase in conjunction with your business. Saving your receipts may be the difference between smooth sailing and a rough road to getting your tax forms completed.
Participating in online surveys may be a fun way to earn some extra money without having to come up with a large investment, product inventory or other costs commonly related to traditional business start-ups. If you find the right paid surveys opportunity and are able to find consistent work, your next paycheck may be just a click away.
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