I used to work for a business that was a two hour drive away from me and I hated it. It was a terrible commute and the pay wasn’t worth it to me. After several years, I finally got frustrated and could no longer take it, and I decided I would start my own business. Yet this then brought another question into my mind, should I run my business from the confines of my home, or should I get an office elsewhere? It was a tough decision to make. I had to take into account the costs from material to tax costs
On one hand, to run a business from my home would be the most convenient simply because the cost of the commute would be gone and it would be much cheaper; on the other hand, it may not be taken so seriously by my clients to come do business in a residential area. After debating finally, I decided for financial reasons, I would settle on a home business because it had a great tax benefit that would come with it.
I spoke to my accountant about the beginning of my home business and they mentioned to me that it was tax deductible. The home business income tax was applicable to me because I had to store business material and interact with clients while maintaining my business room and home together it could be deductible from my taxes. This is probably one of the best things about owning your own business and running it from home. If you are a small business owner as I am: consider working from home. It has many benefits including the fact that it is tax deductible.
If I had chosen to rent a space elsewhere, I probably would have regretted it since it would be much harder and much more expensive.
I wanted to write this so people would learn my experience with home business income tax benefits.