Island Savings

Using a Home Office

At some time or another, you've probably imagined what it would be like to work from home. Browsing through the daily newspaper in your housecoat. No commute. No rush. No distractions. Tempting for sure, but weigh the advantages and disadvantages of a home office before considering one.

 

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 a routine established to help keep you engaged?
  • 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?

Home office benefits

  • The main benefit of working from a home office lies in tax write-offs. You may be able to deduct a portion of the costs that relate to your workspace—such as the cost of electricity, heating, maintenance, property taxes and home insurance. It’s best to consult a business accountant for specific details on what you can expect.
  • 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.

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