While some professionals are returning to their daily grind at the office, many Americans are continuing to work from home. Although focusing on work can be a challenge amid kids, pets, and other distractions, many workers are discovering and embracing the financial benefits offered by remote jobs. Here are some of the ways that remote workers can save money.
Remote Workers May Be Eligible for Tax Deductions
The most significant financial benefit of some remote jobs is the ability to qualify for a home office tax deduction. While the requirements for this deduction are strict and specific, the benefits of meticulously calculating a home office deduction can be massive when it comes time to file taxes. Some workers, especially those who freelance or are self-employed, can include additional deductions for things like office supplies, home office improvements, and more. Consulting a tax professional to calculate these deductions is crucial, particularly for first-time filers.
Remote Jobs Eliminate Costly Commutes
Another key area where remote workers can save money is by slashing their commutes. Even working from home a few days each week can drastically cut expenses related to gas, vehicle upkeep, or train or bus fare. While most people who use personal vehicles for their commutes consider the immediate benefits of consuming less gasoline, there are also long-term perks. Putting fewer miles on a commuter vehicle can help limit the costs associated with wear and upkeep, and it can even help put off the need for a replacement vehicle. Eliminating commutes also gives workers more free time. Remote workers can use this time to relax, spend time with their families, or pursue another job to supplement their income.
Slash Spending on Meals at Work
Finally, people with remote jobs have the advantage of making and eating their meals at home. Plenty of professionals bring their lunches to work to minimize spending, but the temptation to dine with colleagues is often too much to resist. For those who work in expensive areas with high-end dining options, the cost of these meals can add up fast. Working from home encourages workers to take a break, cook a meal, and de-stress during their lunch hour. A home-cooked pasta dish or freshly-made salad can be much more appealing than a squished PB&J, and eating at home can cost a small fraction of what it costs to dine out.
Take Control of Your Finances with EveryIncome
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This article is provided by EveryIncome.