Leaving a job where someone else takes care of all of the business expenses can be a daunting task. But for those who seize the monetary advantages working at home online can give them, working at home is actually quite profitable, and even more so than working for someone else. Working at home offers a few tax advantages that are not offered to anyone else. For those who work at home as employees of someone else, there is the home office deduction for tax purposes. This deduction allows the percentage of the home, apartment, etc., including utilities and other expenses, to be deducted from their taxes. And for those who are working for themselves from home, there is this lucrative deduction as well as many more ways to take advantage of business deductions.
Independent contractors, including many people who work from home, can take advantage of per diem deductions. This allocates a specific amount of money to be written off from income each day. The amount may vary according to the region, but it is often enough to pay for many daily expenses. Taking this amount off of income and combining it with home office deductions and deductions for telephone, internet, and other business-related expenses often means that those working from home pay no taxes at all.
There are also deductions available for all of the office equipment used, even if it was previously purchased for personal use. Deductions are also available for any new equipment purchased and any services that must be outsourced.
In addition to the tax advantages, there are also many business expenses that those working from home no longer have to pay for. These include large expenses such as child care, transportation, and business clothing costs. It also includes the daily assault of other, smaller expenses, such as gifts for co-workers, dry cleaning, lunches out, etc. These expanses are part of the cost of working from someone else, and most can be greatly reduced, if not entirely eliminated, by working at home online. Even if the income from home is less, the amount earned may end up being much more because of these savings.
With smaller expenses in many of these areas, combined with the many tax advantages offered to those who work at home, it is possible for tens of thousands of people a year to begin working from home. So many people now work from home that the stigma of not “really working” is gone, and more companies are outsourcing specific jobs to workers working from home. And websites and software facilitate employee accountability and billing. There are also many more ways to be paid online for the work done. All of this means more work going around, and employers are willing opt pay more to get good home workers. This creates more opportunities for profitable work, and fewer costs. All of these together make an exciting environment in which anyone working at home begins with advantages to assist them make a profit and continue working at home online in pajamas.
