Working from home can have its perks, whether they be those that centre around convenience and comfort, or those that inch more towards the financial advantages it can potentially offer.
Taxes are a part and parcel factor of the working life, and working from home can have its own set of benefits that regard the total end costs of paying taxes. Concessions and discounts are often made available specifically to those who opt to work at home, and they can many times mean the difference between paying a pretty penny and saving a bundle.
So how can you use these advantages to save in taxes? There are a few ways this can be achieved, although some avenues may not be advised to opt for, or even available, depending on your unique circumstances, so seeking out the help of an accountant for the fine print run downs is always advised. You should also consider employing the services of a trained and experienced professional in the translation field, if issues of language should ever pose themselves to be apparent.
First of all, paying taxes via working from home is only applicable to those who produce their incomes by physically being within their home, and nowhere else. If you use your home as a part-time residence to work in – office room, workshop – but spend the majority of your working time elsewhere, then you may be eligible for some certain concessions, but not those that fall under the working from home distinction.
There are generally three categories of which you are able to claim expenses that will lower the cost of taxes, these include:
- Running expenses (the cost of running the operations).
- Telephone and communication costs (occupancy expenses are included in this category if the home is used as the place of business, where a registered small business is in formal operation).
- Upkeep and maintenance of equipment.
You’ll need to include the claims in the tax returns you file, in order to demonstrate your desire to accept certain benefits and concessions, and to prove you are able to garner such claims. To best optimise the process, and to ensure all bases will be covered, having an accountant run you through the process, or having an accountant handle things for you altogether, is always the advised route to follow.