Change your lifestyle and enjoy the financial benefits of a HomeBusiness
Having worked at home as an employee and with my own homebusiness, I am happily aware of benefits I get from working at home.
Starting work when I want doesn’t mean I work less. Even small home business ideas take organisation and planning. Many ideas require effort and passion so think about what you want to do carefully.
Let’s just think of the benefits:
- No commuting means you have more time.
- Tax benefits are available to those basing their business from home.
- Building a successful homebased business around a passion or a good idea is personally rewarding.
- Business owners often feel more empowered and confident as their business grows.
- A work at home business offers opportunities for personal growth and new skills.
- Freedom and control over progress/income is the most widely considered benefit.
Ah! Tax benefits I hear you say. Many small business owners, whether full or part-time, are unaware of the tax breaks that are available to them.
Here are a few pointers:
- Your home is now your workplace and you can claim for a portion of your utility bills, mortgage, insurance and more.
- Transportation costs involved in running your business are also claimable.
- Stationary and costs such as restaurants and hotels used in the pursuit of business can also be deducted from your annual tax return.
- Office furniture and equipment should be seen as a necessary tax-deductible cost.
So keep records and make sure you take advantage of the many tax concessions that are around for the independent homebusiness.
You could always hire an accountant, but as long as you are keeping good files on your expenditure and researching the financial benefits of home working, you can usually keep on top of this area yourself.
The benefits are many and varied. Some are personal and emotional, like being your own Boss, and the confidence that comes from taking action to control your life. Some are monetary, such as the ability to reduce tax liability on your enterprise.
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