How to

A first-timer’s guide to home office finances

No commute. No rush. No boss. Working from home has its perks, but they aren’t just lifestyle benefits. Setting up a home office also comes with financial advantages you should be familiar with to be your most productive self.

Write it off

The main financial benefit of working from a home office lies in tax write-offs. You will be able to write-off a portion of your rent or mortgage payment based on how much room is dedicated as office space. You'll also be able to write off a percentage of your utility payments such as phone, electric, water, and internet service.

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.

Get professional advice

No matter, what your home office set-up and profession might allow you to write off, it’s always best to hire an accountant to help you. The amount of money and hassle you can save through effective accounting can make a big difference in the success of your business, especially during the early years of a new business.