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Last Updated on January 20, 2024 by Work In My Pajamas
Wake up. Take a shower. Brush your teeth. Put on uncomfortable work clothes. Commute to work. Wait to clock in. Punch your time card. Work constantly until businesses, managers, and supervisors allow you to go on break.
These tedious tasks are all associated with working on a company’s time, location, and dime. Working from home allows people – maybe even you – to wear sweatpants and hoodies without getting sent home, prevents them from commuting lengthy distances to work, facilitates them setting their own hours.
In This Post:
Write off office equipment on tax returns
Couches, beds, dressers, TVs, and other household equipment generally can’t be written off. However, as long as you store receipts and can reasonably prove its function in your line of business, they’re deductible. Uncle Sam also offers other deductibles and tax benefits, including a home office deduction. Make sure to thoroughly read up on IRS laws prior to assuming something’s deductible.
Self-employed individuals withhold their own taxes
Assume that Bob is self-employed, works from home, and profits $600 per week. If the combined effective tax rate of his state and locality is 10%, Bob would receive no more than $540 every week, given he was an organization’s employee. While people who work for themselves are required to submit estimated quarterly tax payments, they have the freedom of choosing which particular paychecks taxes are drawn from. This may be risky, although it helps cover emergency expenses or small paychecks.
Some organizations essentially franchise, without the fee
Outside of truly self-employed individuals, many people working from home sell products marketed, manufactured, packaged, and shipped on behalf of other companies. An example of an organization with this benefit is doTERRA oil, a manufacturer of essential oils that employs wellness advocates, or independent contractors that sample, recommend, and vend the company’s oils. Business structures similar to doTERRA oil provide contractors the benefits of working from home, without having to expense tons of money on raising awareness.
Work more frequently if desired
In the United States, employers that work employees longer than 40 hours per week must pay them 1.5 times their normal rate. This results in few opportunities for working longer if you’re undergoing financial difficulty, or simply wish to step your game up. People can work two jobs, full-time at each, although there’s often no in-between 40 and 80 hours. Working from home facilitates working as much as desired.
