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The Case For Working At Home For Yourself
Have you ever considered how much you spend a year on your job? You need a professional wardrobe, you pay for gas to and from, parking, lunches, etc., not to mention the tax deductions you could get with a home office. If you didn’t have these expenses to go to work outside the home, you would have more disposable income, assuming your income remained the same, or you could maintain the same standard of living while earning less. silver. Let’s take a look at some of these expenses and what you could save each year.
Have enough “street clothes”, suits, shirts, shoes, dresses, etc. can easily cost you several hundred dollars a year and for our purposes let’s assume it only costs about $200.00 a year to keep your “going to work” wardrobe up to date. Of course, it’s nice to dress the way YOU want and not conform to someone else’s standards.
The average worker takes about 2 weeks vacation per year, so for our purposes we will use 50 working weeks per year. The average trip is about 20 miles each way and with the price of gas around $2.50 a gallon and the average car around 27 miles per gallon, that makes the cost of gas per $0.09 mile ($2.50 divided by 27 MPG = $.09). Using these numbers, the daily commute costs $3.60 per workday (20 miles X 2 = 40 miles per day X $0.09 = $3.60). If we assume a 5-day working week and 50 weeks per year, this equals 250 working days per year. Taking these 250 annual work days X $3.60 = $900.00 per year in fuel costs to get to work. When I drive for business, I can deduct all associated expenses on my income taxes.
Parking for most workers can cost anywhere from $10.00 to over $20.00 per day, but if we only use $10.00, that equates to $2,500 in annual parking fees (250 days labor X $10.00 = $2,500.00). Now I only pay for parking when I need to meet a client in town, then I can cancel it.
Every day at work you have lunch at the restaurant and it costs around $12.50 per day. This daily cost of lunch multiplied by the 250 working days comes to $3,125.00 per year spent on lunches, and that’s without any adult drinks. I eat better at home and if I want a beer with lunch it costs me around $0.50 instead of $4.00 at some restaurants. When I go to a restaurant on business, I can deduct the meal as an expense.
So let’s take a look at the savings so far:
• Wardrobe $200.00
• Gasoline $900.00
• Parking $2,500.00
• Dinners $3,125.00
Totals per year $6,725.00
If your job earns you $30,000 a year, you could only earn $23,275 in a home business and your disposable income would remain unchanged.
As an employee, you have a limited amount of tax write-offs that you can take advantage of, but as a small business owner, many things become available as tax write-offs. Take a look at Schedule C to see all the items that could be expensed, reducing your taxable income and tax consequences. Basically, if you are in a 25% tax bracket and are able to deduct $1,000.00, that would reduce your taxes owing by $250.00 and similarly $10,000 in expenses of Schedule C would reduce your tax consequence by $2,500.00 for the year. As a home-based business, you will also be able to deduct a percentage of your household utilities, mortgage payments, etc. Your tax advisor will be able to provide you with more information on the available income tax deductions that you would be entitled to or that you could invest. in tax software like TaxAct or Turbo Tax to get answers to your tax questions.
Either way, you can see how having a home business can both save you money and save you money PLUS have a hassle-free life that you control. You no longer have to beg time off to go to your child’s ball game or recital, you just do it. How much time you spend in your business is up to you
I’ve had many businesses that I’ve run from home since 1980. I guess if the President of the United States can work from home, so can I. Business can be up or down, but you never have to worry about being laid off or laid off because you’ll always be the last to go. I started various financial companies over the years, with several employees who even operated one of the biggest financial companies right next to my house. During boom times you hire more workers to help you and during lean times you lay off workers you don’t need, but YOU still have a job that YOU control.
As you can see, working for yourself from home has many benefits, both financially and in terms of quality of life. I wouldn’t want it any other way. If this sounds good to you, I encourage you to check out our PROVEN work from home opportunities. These are REAL businesses you can work from home and they’ve been proven to work because I’ve done them and made money doing them. They are also priced so that everyone can afford them. Again, these are real businesses and no MLM BS or other nonsense in heaven. If you have any questions about any of them, contact me.
Thank you for your time,
TJ Stewart, Founder and CEO
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