It’s not uncommon for employed Americans to be going to work… in their own homes. According to a recent New York Times survey, 43 percent of employed Americans work remotely at least some of the time. That refers to the number of Americans who are working out of their homes or other remote locations, but still working for a larger business. There are also 38 million home-based businesses in the U.S. A “home-based business” is one where the primary office is in the owner’s home.
There are a lot of large, well-known corporations that began as home-based businesses — Apple, Hallmark, Purex, and others — and there are lots of reasons why a small business owner (even one who doesn’t aspire to be the next Apple CEO) might want to work from his or her home. One reason why starting a home-based business is appealing is because the overhead is far less than if you have to buy or lease outside space. Running an energy-efficient home office is one way to ensure that you are maximizing your profit by reducing energy bills.
Whether you’re self-employed or working in your home for an employer, you can benefit from the IRS home office tax deduction. Before you file, you might want to consult an accountant to explore the nuances of the tax law. Here are the basic questions to determine if your space could qualify for a home office tax deduction:
“Space” can be easily measured and quantified, but what about other things, like home office energy expenses? You wouldn’t be able to measure how much energy is being used specifically in your home’s office space, as separate from the rest of your house or apartment, so this has to figure into your home office tax deduction a little differently. So, if you work from home, what is tax deductible?
There are two ways to file: (1) The Simplified Method, which would allow you to simply take $5 per square foot up to 300 feet, or $1,500 total; or (2) Actual Costs (Form 8829). If you choose Form 8829, you could deduct for:
This is accomplished by multiplying each expense by the percent of your home that’s being used as home office space. In other words, if 10% of your home is office space and you pay $200 per month for gas and electricity, then you could deduct $20 per month, or $240 per year, for that, alone. Therefore, home office energy expenses are an important part of saving money, and an energy-efficient home office is one way to make that happen.
A home office deduction calculator is an online tool that can be helpful if you work from home. Want to know what is tax deductible? These sites can help you figure it out.
Here are some options for a home office deduction calculator:
The type of business you’re in will ultimately determine your home office energy expenses. If you’re working with computers and other electronic devices, there are ways to lower your energy consumption by making small changes to your day-to-day routine. Let’s take a look at lowering your home office energy expenses in three ways: technology, heating and cooling, and lighting and layout.
One way to have an energy-efficient home office is to use a combination of natural light and efficient electric lighting to create the atmosphere you need to be productive, while still benefiting from home office energy savings.
Whether you’re presently working from home or you’re considering setting up a home-based business or home office for the first time, these factors could go a long way in reducing your home office energy expenses, which could in turn benefit your bottom line. Combining some energy-savvy practices with good home office layout ideas can help you to be comfortable, productive and save money. Do you have tips for good home-office practices? Share in the comments below!
Whatever your energy needs are, we've got a plan for you
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