Valley First

Using a Home Office

At some time or another, you've probably imagined what it would be like to work from home. The gurgle of the coffee machine wakes you. You take the time to linger over a couple of cups while reading the newspaper in your housecoat. No commute. No rush. No distractions. No boss.

 

Working from home

The fact is, that while working from home definitely has its advantages, there are disadvantages too. Here are some things to consider:

  • Will you be able to perform all the day-to-day tasks necessary for running your business from home?
  • Do you have the space available to conduct business meetings if necessary?
  • Are you sure you won't be more distracted by small chores at home than you would be by co-workers in an office?

EXPERT TIP

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.

Home office benefits

  • The main benefit of working from a home office lies in tax write-offs. You’ll 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.

Have a question? Simply contact us and we'll provide you with the information you're looking for.

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