Benefits of a Home Office
No Commute. …
Fewer Business Expenses. …
Potential Tax Benefits. …
Increases Productivity. …
More Control Over Your Schedule. …
Flexible with Weather. …
You Need a Dedicated Work Space. …
Maintaining Work-Life Balance Can Be Difficult.
If you have a small business with limited start-up funds and your work can be conducted remotely, setting up a home office is a cheaper alternative to commuting to a traditional office. Here are benefits to establishing a home-based business.
No Commute
The average American spends around 27 minutes on their daily commute to work—that’s almost an hour both ways. That commute can eat into your time, money, and sleep schedule. By working from a home office, you can not only potentially save thousands of dollars a year, but you can get more rest and spend more time preparing for your work day. Without the stress of rush-hour traffic, your mornings can begin on a more peaceful and productive note.
Fewer Business Expenses
As the average cost to rent office space per square foot is between $8 and $23, renting office space can be expensive. Small businesses often don’t have enough start-up capital to afford that expense. If you operate from a home office, the cost of rent is eliminated and you won’t have to stock an entire office building with supplies. Using equipment that you already own for your home office, like a computer and home filing system, can further reduce your business expenditures.
What are the advantages and disadvantages of a home office?
Three advantages of having a home office include better performance due to spatial separation, higher motivation due to a more stimulating environment, and reduced financial costs. Disadvantages of having a home office include the need for greater discipline, higher exposure to distractions, and digital overload.
What is the downside of claiming a home office?
One of the biggest risks is generally that of an audit from the Internal Revenue Service (IRS). Claiming a home office deduction can potentially lead to a tax return being flagged for review due to misreporting.
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