In our last blog, we revisited the benefits of working from home. They included enjoying more family time, eliminating commutes to work and becoming more environmentally-friendly. One benefit that we held off on pointing out was the fact that remote work helps to save you money. Let’s explore some of the main ways how!
You get to submit more tax deductions.
Tax time is fast approaching. This April, individuals who work from home will be writing off their home office supplies. By claiming such work-related items as desk furniture, paper and even phone bills, a business professional can save a lot of money. As Woodbridge, Ontario’s Organized Interiors confirms, you may be able to write off your home office space, office furniture, and office supplies as a tax deduction.
“How much you can claim will depend on your employment status,” details the website, “Those that are self-employed will have more flexibility with tax deductions than those who are considered full-time employees with a business. The money saved on gas costs alone from commuting will add up to a substantial amount. You’ll also put far less wear and tear on your vehicle, which will extend its life.”
You eliminate the temptation of the cafeteria.
Working from home means no more spending money at the cafeteria. Most of us much prefer home-cooked meals anyways. Nevertheless, we’re often tempted by the generally-overpriced treats that our work cafeterias offer. By working from home, that temptation disappears. As well, as Intuit.com reminds us, working in an office can increase your likelihood of eating at restaurants or stopping by coffee shops around town.
“Over time, this can amount to thousands of dollars,” the website warns, “Commuting can deplete energy levels to the point where commuters don’t have the energy to cook and, consequently, order out instead. Not only is eating at home cheaper, but it’s generally better for your overall health.”
You no longer have to commute to work.
One of the most obvious ways that remote work saves people money is the significant reduction of gas purchases. When you don’t have to drive to work every day, you certainly don’t have to fill the tank as often. Of course, those who would normally commute to work via public transit also enjoy substantial savings by eliminating the need for bus fare.
“The national average for commute times is 26 minutes (that’s each way, to and from work),” reveals Organized Interiors, “In Toronto, that average jumps to 34 minutes, the highest in Canada. If you happen to live a significant distance from where you work and need to travel during peak traffic times, you could be spending a dozen hours or more per week commuting… Working remotely virtually eliminates this stressful, unpleasant part of the working experience.”
By working from home, you don’t just save money. You can make even more of it! Did you know that with Unity Payments’ Virtual Terminals, you can accept digital payments anywhere? Turn your computer or mobile phone into a credit card terminal and begin seamlessly processing secure remote commerce and over-the-phone credit card transactions. Please don’t hesitate to call us at 1-800-661-3761 or email us at info@unitypayments.ca to learn more.
