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Extra Income Ideas

Got your compass ready? We're going to explore two areas of extra income ideas. These are home businesses at the very basic level. They take little setup and can provide that extra income. By approaching extra income as a business activity, you gain more control. The income level, the time involved and the tax deductions are controlled by you.

Independent Contractor

Working as an independent contractor offers you a wealth of extra income ideas and benefits. It is one of the easiest ways to operate a home based business.

As an independent contractor you are performing work for others, andextra income ideas they are paying you on an IRS form W9, which means that they are telling the IRS that they have paid you this money as an individual, and that they have not withheld any taxes from it. The payor is required to issue a W9 on any cumulative payments over $600. For example, you perform work for someone. The job takes 3 weeks and they are paying you $175 each week. The total earned is $525, since it is under the $600 limit for the year, no W9 would be issued that year. But say you worked 4 weeks at that rate or that they paid you $200 a week for your services. Then the $600 trigger is hit and the W9 is issued. Your account can give you greater details on the guidelines IRS has regarding independent contractors.

This works out as a win win for both you and the company. The company wins since they get the job done. They do not encounter any additional liability or have to pay match withholding taxes.

You win in that you earn the extra income; you're in charge of your schedule. You're paid with pre-tax dollars so you can deduct many expenses and pay less taxes thus have more income and more freedom!

One of the easiest ways to come up with extra income ideas is to look at small businesses. Determine what needs that they have and where it would be an advantage to them to have an outside person do it.

Start with looking at your skills, interest, experience and how you can package them. Next look at areas where you have a real interest. You should do something that you enjoy. Then it will not seem like work.

Some areas that work well for this are secretarial, accounting, writing and marketing. Office work is often not a big part of a small business, but good organization for the business is essential. Every business has an accounting need. Owners often do not like to be bothered with that task.
Marketing and sales also work well. Having someone to man a booth at a trade show, or bring in extra sales are always helpful.

Businesses that do occasional installation work may be interested in jobbing that work out. Related to that would be training personnel. These many sign shops around often will need someone to install signs on site.

If computers are your thing, particularly if you know networking, there is a great need for that specialty.

Other Extra Income Ideas

These extra income ideas would include such things as having garage sales. An extension of that is marketing things on Craig's List and on ebay.

Others have turned their hobbies into extra income. You will often find them at craft shows and art fairs. For ideas on what to sell, if you don't already have something that you're doing, go to a few and look around.

An old staple of extra income, the selling of baked goods, is pretty much a thing of the past. Unfortunately the health departments have severely limited this.

Network Marketing and Internet Business can also be lucrative areas for extra income. Those are both covered in more detail in other sections.

When looking for extra income ideas, be creative, be observant. Look for a need and then find a way to fill it. When starting out, be prepared for a lot of rejection. View each rejection as a learning experience. Once again, with each contact, be observant and be creative.

You too can create a lucrative extra income.

Home Based Business > Home Business Ideas > Extra Income Ideas

"A home based business gives you all the benefits of a non-home based business without the burden of the high overhead."
~ Larry Louzon

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