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All-Star Course Lesson 1 - Independent Contractor 101

Welcome to lesson one of our All-Star Course. Today you will learn what an Independent Contractor is and some of the advantages of working-at-home.

According to the IRS, an Independent Contractor is someone contracted to perform work or services to a company as a non-employee. This means the employer can only control the quality of results and not the method used to complete the job.

As an Independent Contractor, you will have full control over where, when, and how the work you produce is completed. As an Independent Contractor, you are responsible for providing your own equipment and supplies. Some employers require you to take a certification or training course to learn how to perform the work they are requesting.

You will also have an Independent Contractor Agreement that will detail the expected results and responsibilities for you and the employer.

There are many advantages to being an Independent Contractor and working from home. However, the most loved benefit is being your own boss. As an Independent Contractor, the amount of money you make is directly related to the quantity and quality of your services.

When tax time rolls around each year as an Independent Contractor, you will receive a Form 1099 if you made more than $600 that year. Independent Contractors can claim business and work-related expenses to lower your tax liability. Some of the deductions available are costs associated with supplies or equipment needed to perform the job, and any certification & training courses. For the work-at-home industry, Independent Contractors can also claim expenses related to setting up and maintaining their home office.

You can also work with multiple clients to give your day some variety. As well as set your own hours to only work when you are available. This flexible scheduling gives you the ability to finally achieve that work-life balance you have been dreaming of for years. It also allows you to work as little or as much as you want. However, most clients will request that you work a minimum of 15 hours each week.

My friend Jenny, for example, can work the full-time hours she wants while also supporting her daughter and two sons' extracurricular activities. She uses a planner to stay organized with everyone's needs. Her schedule may be full, but it is full of the magic moments of parenting. Her two sons are great athletes and enjoy playing football in the fall and baseball in the spring. Her daughter plays the clarinet for the school band. Jenny's schedule varies on a day to day and week by week basis. Some weeks there are away games, and others have weekend practice or fundraising events.

She loves the fact that when one of her kids has a game or event, she can be there. She doesn't have to request time off, count vacation days, or worry about work attendance. She simply uses her little pink planner to ensure she schedules her work hours around the time she wants to spend with her kids and family.

Working-at-home as an Independent Contractor will also give you back a ton of your time you were previously spending commuting to the office. I don't know about you, but when I worked an office job, I was not getting paid for the privilege to commute to work.

For example, my last office job was a 45-minute commute from my house, and I made $10/hour. I spent a minimum of 1 and a half-hour driving to and from work each day. Let's add it up. Driving time of 1.5 hours each a day, 20 days per month, 12 months per year. That's 30 hours a month and 15 days a year MINIMUM in my car, on the road, not enjoying one minute of it. This means I was investing a minimum of $300/month of my time in maintaining my 40-hour week job, which gave me $1600/month. Still, due to taxes being withheld, I only saw about $1200/month, and that doesn't include gas money needed each week to make the commute.

As you can see, working from home as an Independent Contractor is an excellent option for those that want flexible scheduling and have the desire to be their own boss. Being an Independent Contractor does come with additional responsibilities, such as providing your personal equipment, supplies, and certification. However, as the old saying goes, "With more power comes more responsibility."

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