Using a Home Office

Home Office Benefits

The main benefit of working from a home office lies in tax write-offs. You will be able to write-off a portion of your rent or mortgage payment based on how much room is dedicated as office space. You'll also be able to write off a percentage of your utility payments such as phone, electric, water and internet service.

Depending on the specific nature of your business, there may be many other things you can write off as well. A designer, writer or photographer may be able to write off magazine subscriptions. An interior designer who showcases their own home may even be able to write off a portion of home renovations.

In any case, you should strongly consider hiring an accountant to help you. The amount of money you personally save through effective accounting can make a big difference in your income, especially during the early years of a new business.

 

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