Having a home office can be a wonderful thing because anytime you can conserve resources you are on the right track. Whether self-employed or an employee that is granted the ability to work from home, there are a great number of benefits.
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The first benefit that probably comes to mind is reduced commuting costs. You may still need to go into the regular office from time to time, but not on a daily basis. This is not just a cost savings, but also a time savings.
Not needing an elaborate work wardrobe to maintain is another plus. In fact, many often joke about how much fun it is to work in their pajamas!
An often unknown benefit is the home office deduction for those that use part of their home for business purposes. A discussion of this deduction can be found on the IRS website including Publication 587 and Form 8829.
There are also downsides to working from home. One is that it takes dedication and self control to stay on task. There are numerous distractions at home. It can be easy to rationalize that you can always catch up later so it is okay to watch that Star Trek marathon that’s on right now. Another danger is that family and friends may not take your schedule seriously and intrude without consideration. The flip side is that some find themselves putting in far too many hours – more than they would have at the office.
Working at home can be a blessing or a curse; it is up to you to make it work to your benefit.
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