Write off your home office in your taxes is a benefit of working from home
A huge perk that can save you some cash is writing off your home office in your taxes. That's right, any space that you use to work can be deducted as a business expense. You can also deduct things you bought for your home office during the last tax year, like a desk or a chair, which can help you save on your next tax return. The portion of your rent or house payments that goes towards your home office can also be deducted. So if your office is 100 sqft of 1000 total, then 10% of your housing expenses can be deducted*.
*Check with a certified accountant to ensure you follow all tax laws.
Live anywhere and have no commute
Another huge benefit of working remotely is that you can work anywhere that you have a stable internet connection. In some cities, high rent is pushing remote workers to more affordable cities and suburbs. This trend could continue if rent prices stay high and remote work stays in the future. This can help keep your living expenses more affordable since you don't have to be located in the heart of New York or Silicon Valley.
And you'll also have no more commute if you're remote. Commutes can have a negative affect on your health, especially if they're long and stressful. Plus, every moment you're not spending in your car is an extra moment you can do something else. Not having a commute allows you be more productive with your time overall.
Increased productivity and mental health
People are more productive at home. If it's slow at work, you can do stuff around the house. You can get a load of laundry done. Stuff that was reserved for the weekends can now be done throughout the week. On top of that, there's also less office distractions. No longer can someone just pop into your office and start up a conversation, so you can stay more focused on the tasks that you need to focus on. Fifty-one percent of workers reported that they were more productive working from home than from the office.
On top of the productivity bonus, workers have also had mental health benefits from working from home. Workers who work from home reported that they're more satisfied than their counterparts in the office. With mental health being as important as it is, this could be the biggest benefit of working from home.
Overall, working from home has many benefits that should be considered as companies decide whether or not to return to the office. The pandemic accelerated the trend of more people working from home than ever, and it could be a positive change.
