If you're considering setting up a work from home computer job, you'll need to know how to handle taxes as a self-employed person.

Here are a few tips and some legal information about taxes that clarify some questions you may have as you setup your work from home computer job.

Work from Home Computer Job Tip 1: Record Everything

This should be rule number 1 — Keep records of everything, including receipts, old bills, credit card statements, and so on because you never know when you're going to need it.

You're probably doing this already, but just to make this perfectly clear cut: it's very easy to lose track of receipts, bills, and other information that you might need in the future.

So keep a cardboard box next to your desk if you have to and toss in all your receipts. They won't be very organized, but at least you'll know where to look for them when needed. Even better, setting up files in a filing cabinet labeled with different categories and file every bill and receipt in the appropriate place. This way takes a bit more time, but at least when it comes to prepare your taxes you'll have a head start having taken the time to do some filing.

Work from Home Computer Job Tip 2: Don't Throw Anything Away

This is related to the first tip, of course, but it's very important when dealing with taxes for a work from home computer job that you never throw out anything related to your business. Whether they're receipts for utilities, homeowner's insurance, property taxes, office supplies and equipment, etc. — you need to keep every single receipt in case a problem should ever arise regarding your taxes.

Even if you just use the cardboard box next to your desk method of saving your bills, at least you'll know exactly where to search if you ever need to confirm something for tax purposes.

Work from Home Computer Job Tip 3: It's Better to be Organized

I know you don't want your house to be one big filing cabinet, but as you work at your work from home computer job, you don't want to get a headache trying to figure out where to work because your desk is cluttered with all your bills and receipts.

This is important: Try to get your files organized right from the beginning. One way to do this is to deal with things as soon as they arrive. Sort out the ones you need to keep and toss out the rest.

Work from Home Computer Job Tip 4: Clean your Office

There are many tax benefits to having a home office, however, you will have to meet specific requirements to get the tax break. To make sure you're eligible, you must be able to show that the area in your home where you work on your work from home computer job actually functions as an office.

That is, your office should be used regularly and exclusively as your office and not for other purposes. In other words, if your work from home computer job's office also serves as the family room, you might not qualify. Therefore, make sure you have a room in your house you can call your “office.”

Work from Home Computer Job Tip 5: Get a License

Let's say for instance that your work from home computer job consists of managing a day care center. Home tax deductions are possible if you state that your home is used for a day care facility, however, in order for deductions to apply, you must first get a license for your work from home computer job from your state.

A license is definitely worth the extra effort because these exemptions will really make a difference at tax time.

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