Turn Your Wasted Space Into a Great Home Office

… One of the best ways to get a job in this economy is to create your own. More than one discouraged worker has opted to give up the rat race and set up their own small to give up the rat race and set up their own small business many of those businesses have become quite successful, allowing those smart entrepreneurs the freedom and flexibility they have always dreamed of.

Working out of your home has a number of important benefits, from the elimination of the daily commute to the ability to be there when your family needs you. Setting tip a home office can also yield significant tax savings — a home office can also yield significant tax savings — home workers can write off a portion of their mortgage payments, utilities, phone costs and internet service. But in order to take advantage of those benefits, the office must be set tip properly, and used exclusively for the business if you are thinking about starting a business at home, it is a good idea to first survey the space you have available.

Chances are there is some wasted space around your home — whether that space is a spare bedroom, an unfinished basement or even a garage. It will be much easier — and cheaper — to convert an existing space to a home office than to design and build a new addition. Once you have identified the perfect space for your home office, the next step is to look at the existing connections in that area. You will need, at a minimum, a couple of electrical outlets, a telephone line and a connection for the internet.

If your home was built within the last couple of years, each room may already have all the connections you need to set tip your home office. If not, you may need to contact your internet service provider and telephone company to do the necessary wiring. It is always better, and generally less expensive, to put in more connections than you think you will need, instead of scrambling when you find you do not have enough. After you have your connections in place, it is a good idea to create a drawing of what you want the finished space to to create a drawing of what you want the finished space to look like.

Making a diagram that shows the position of the desk, telephone, computer, printer and other office essentials will make it easier to remodel the room and create your home office. Be sure to note where the various connections — electrical, telephone, internet — are located. This will make it easier to set up an efficient work space. Be sure to keep careful records and retain all receipts as you gather the items for your home office you may be able to get some tax benefits from these purchase; either through the home office deduction or as a home improvement project to raise the cost basis of your property. It is a good idea to scan your receipts to an electronic file, while still retaining the hard copies with your other tax documents.

After your office is set up, you will want to make sure the space is used exclusively for your business. If the area is also used for other purposes, you may find that you are not eligible for the home office deduction. It is always a good idea to consult with a tax professional for specific information on the home office deduction.

Space is used exclusively for your business.

If the area is also used for other purposes, you may find that you are not eligible for the home office deduction. It is always a good idea to consult with a tax professional for specific information on the home office deduction. Also used for other purposes, you may find that you are not eligible for the home office deduction. It is always a good idea to consult with a tax professional for specific information on the home office deduction.

Eligible for the home office deduction.

It is always a good idea to consult with a tax professional for specific information on the home office deduction. Idea to consult with a tax professional for specific information on the home office deduction.

Information on the home office deduction.

Working out of your home can be very rewarding, both psychologically and financially. Having your office in your home provides a host of benefits, and having your on business lets you take charge of your future. Transforming the wasted space around your home into a great home office is one of the most satisfying home improvement projects you an undertake.