Working from home is a dream for many, but some people are still not convinced of the many benefits of making a home into an office. For centuries, workers everywhere have been tied to traditional workplace arrangements–a headquarters to which all employees commute for work every day. This paradigm has worked until now, but it was born out of necessity, not out of ideal. In days gone by, a company’s staff had to work in the same place because there was no other way to communicate and access the company’s resources. Now that this is changing, working from home is becoming more financially attractive every day.
The most obvious financial benefit of working from home is the elimination of the daily commute. Workers all over the world spend countless dollars on commuting expenses every day. Whether you drive to work or rely on public transportation, you’re accepting a loss every time you hit the road for your regular commute. Money is not the only cost incurred by commuters–you lose valuable time on your daily commutes. Consider this: if your commute to work is one hour each way, you’re wasting two hours a day on the road. That’s ten hours for every work week, and an average of forty hours in a month. That’s a full work week of time vanishing every month. Imagine how much more productive you could be without that commute time cutting into your life.
Professionals who work from home are also eligible for a number of tax benefits. The IRS offers breaks for home office workers, because it is understood that managing one’s own work space and supplying all the necessary tools for business is not easy. As a result, you’ll be able to write off many of your home office expenses when you file your taxes every year. Computers, software, and office supplies are all potential deductions for your home office. You may even be able to deduct a portion of your electric bill, internet service charge, and rent payments.
If you’re running your own business, you are likely dealing with great excitement and unfathomable stress at once. You have both ultimate freedom and ultimate responsibility. One of the most trying responsibilities for many business owners is paying for office space. Whether you’re working alone or with a team, office space is not cheap. In fact, it is one of the biggest obstacles to generating a profit for many start-ups and small businesses. You can start your own online business with only nominal start-up expenses when you work from home, making running your own business much easier.
Working from home will also cut a plethora of miscellaneous expenses from your life. The morning cup of coffee purchased from Starbucks on the way into the office can now be made in your kitchen for pennies. The lunch you purchase on your break every day is now waiting for you just down the hall. If you have children at home, the expense of day care or babysitting can now be greatly reduced or eliminated. The freedom to stay home has huge potential to offer financial benefits. All you need to do is embrace the change.
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