Hillary Rodham Clinton made headlines last week when she wrote about the vanishing opportunities for women in the American workforce.
“In places throughout America large and small, the clock is turning back,” wrote Clinton, saying that while women now hold approximately half of U.S. jobs, the country doesn’t crack the top 10 rankings of countries where women thrive economically.
But I wondered if the article took into account woman who may have left the workforce to start their own home based business, which is exactly what I did. At the time, it felt like a huge risk leaving a nice salary behind to start my own home-based business. But it turned out to be the best choice I’ve ever made, allowing me to become modern woman who has it all: a career, independence and the freedom to spend time with my family on my own terms.
Back then my business had a simple name, Tax Service. It was a home-based business that served as the launching pad for Karla Dennis And Associates, Inc.™ Home-based businesses can be very lucrative from a net profit perspective, a life style perspective and, what I love sharing with you, the tax savings perspective. The tax savings benefits are through the roof and here are my three primary reasons to start your business at home:
- Zero or Little Overhead Costs: When you operate a home based business you start out with almost zero overhead costs. Most people including myself start either working on their dining room table or start with using a room in their home. At the time, I did not have a downstairs room to use so the dining room table became my official headquarters. As my business grew, I had clients waiting, which forced me to move into larger quarters. So I moved headquarters to an upstairs room in the house. Downstairs became the reception and waiting area. Working from home helped me get profitable faster because of the low facilities costs.
- More Lifestyle Opportunities: Owning my own home-based business afforded me a lot of flexibility. I was always able to take my kids to school and pick them up. I set my own hours and decided which days I would work and which days I would work at doing nothing. Don’t get me wrong, it was not always roses. When the kids were home from school it seemed like they only called my name when the business line was ringing. I will never forget the time the boys were having a yelling match while I was on the phone with a potential client. Soon, I realized a lot of my clients were working from home too and understood what that is like with kids. What a relief to know that others were working from home and juggling life
- Did I Mention the Tax Benefits? Home based businesses also have great tax benefits. You are now able to write off expenses you would not have written off in the past. Since home is headquarters, every time you leave your home based business, on official business, you get a tax write off for mileage or car expenses. You are meeting clients for lunch or and keep more cash in your pocket. Here are a few deductions you should look into: cell phone, internet service, increased utilities charges , depreciation on your home and anything else you can link to your home based business.
For more information of contact one of our Practical Tax Strategist Here