Working from home is like calling a trick play in football – if you produce great results, you’re an innovative genius, but when distractions take over and projects stop getting done, well, you start to look like coach John McKay. Finding equilibrium between work and home life is vital to successfully managing a home office. Two ways of striking that balance are through humor and tax breaks.
Humor is the opposite of stress. According to the Mayo Clinic, there are multiple short and long-term health benefits from using laughter as a stress reliever. It’s important to schedule time in your home office where you can have some fun and get your giggle on. Whether it’s taking ten minutes every hour to listen to a comedy tape, or watching your dog chase squirrels in the backyard, scheduling time during the workday for a brief stretch of fun is vital to your work-from-home success.
Managing the financial aspect of your home office is another way to maintain a healthy work/life balance. You may be able to deduct expenses for your home office regardless of whether you rent or own. It’s important to note that eligibility for the deduction is based on whether or not you use a part of your home regularly and exclusively for business purposes. The part of you home must be the principal place of business and where you meet clients or customers in the normal course of business. It can also be a separate structure not attached to your home, like a garage or studio.
For more information on home-office tax deductions, contact a Strive Accounting and Tax Solutions account manager at 269-9099 or visit us at strivecpa.com. If you’re in need of a quick laugh, or more information about how your business can save money, check us out on Twitter @StriveCPA.
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