The following is a guest post from Katie Conroy of Advice Mine.
Photo by Tima Miroshnichenko from Pexels
The COVID-19 pandemic has not been kind to unemployment numbers in the US, and many find themselves out of work thanks to the current climate. In fact, around 25 percent of households had at least one adult lose their job, according to the Pew Research Center.
However, remote work offers a light in the dark for some. Finding and maintaining jobs you can do at home is an art form, but it’s rewarding — both monetarily and emotionally. Justin Grays presents a few things you should think about if you’re considering remote work in light of the pandemic.
What is your goal?
When thinking about how and why you want to get a remote job, the first question you need to answer is: What do you want to do? You may not realize it, but there are a lot of different kinds of remote jobs available. We won’t sugarcoat it: Starting a freelancing practice is going to be difficult. It will require you to be “on call” all the time, so you don’t miss a potential job and provide the best customer service possible. However, the payoff is immense, so the challenge is worth putting in the effort. Here’s a tip: Visit remote work sites such as Fiverr and Upwork for more examples of freelancing jobs you can do from home.
Some kinds of freelancing jobs include:
Web developer
Marketer
Social media consultant
Bookkeeper/accountant
Business coach
There are more unconventional freelancing jobs, as well. Start by looking at your skillset and asking, again, “What do you think you could maintain?” Choose your niche carefully! Just make sure you are available and ready for whatever work comes your way. Keeping remote work has a lot to do with networking and perseverance. Put yourself out there and establish a name for yourself as a freelancer who can turn a job around, and you’ll have a happy client base.
Start (and grow!) your business
Once you have a better idea of what kinds of freelancing jobs are good for you, and which ones you can maintain, you should consider starting your own business — complete with a company website, logo — the works. (You can also consider moving to an area of the country that will give you more incentives for freelancing from home.)
One thing you should consider when starting your online business from home is whether you should declare your freelance organization a limited liability company (LLC). There are several benefits that come with this designation, including protection for personal assets, pass-through income tax treatment, and easier management.
You can also save money on paperwork and lawyer fees by using an online filing service. Before you file, learn the specifics of how to start an LLC in MN because the requirements for forming an LLC vary from state to state.
Filing taxes doesn’t have to be scary
One thing that will be different for freelance work versus full-time employment for another company is the way you will do your taxes. But don’t worry! It doesn’t have to be a frightening event. (In fact, if you are a certified professional accountant, you can even make a freelance business out of filing taxes for other freelancers!)
Looking into your options for taxation and tax-related advantages can really give you a boost. You can even take advantage of some COVID-related deductions in this year’s tax filings, as well. You simply need to make sure your freelance taxes are filed properly by learning more about filing and deductions.
Katie Conroy is the creator of AdviceMine.com. She particularly enjoys writing about lifestyle topics and created the website to share advice she has learned through experience, education and research.
The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of Justin Grays. Any content provided by the author is of their opinion and has not been verified by Justin Grays.