Work From Home Tax Deductions That You’re Missing Out On [2020]

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Work From Home Tax Deductions That You’re Missing Out On [2020]

Keep track of your tax records to claim work from home tax deductions

There are a number of apps available to help keep track of your receipts, expenses and tax obligations (such as Pocketbook and TrackMySpend).

Determine what work from home tax deductions you can claim

If you work from home, there may be a number of work from home tax deductions you can claim.

In addition, according to the ATO, you can claim work from home tax deductions if you carry out income-producing work at home, and incur expenses in using your home for that purpose.

You can claim work from home tax deductions for the following:

Lodge your tax return

Where can you lodge your tax return?

Whether you work from home or not, there are three main ways you can lodge your tax return:

If you are lodging your tax yourself your tax return deadline is October 31. However, if you are using a tax agent, you may be granted a 6 month extension.

What information do I need to lodge?

These days when you go to lodge your tax return online, most of your information has been pre-filled. However, if you aren’t working from home, this may not be pre-filled. Therefore, it is still important that you have the following information to ensure your information on your tax return is accurate!

After you have submitted your tax return, you may realise that working from home provides you with a number of benefits. Therefore, if you’re not already working from home, it might be time to consider a change in career!

How can I work from home?

There are many jobs that you can do from home. But rarely will you find one that is more flexible as a Medical Transcriptionist. Not only can you work from home, but you have the flexibility to decide when you would like to work.

As healthcare is a basic need industry, the work of a Medical Transcriptionist is constant and consistent. This is because your clients are usually repeat-customers that will continue to send you their work if you’re accurate and reliable.

Overall, this career is a great way to work from home.

What is Medical Transcription?

When we open a letter from a doctor or read a medical report, there is a very high chance that a Medical Transcriptionist has transcribed it. Their role is to listen to an audio of a doctor recording their notes from a patient consultation, and then convert this into a written report.

These reports are then added to the patient’s medical record.

tax deductions

What are the benefits of working as a Medical Transcriptionist?

There are many benefits to working from home as a Medical Transcriptionist! For example, some of these are:

Where does a Medical Transcriptionist work?

Medical Transcriptionists usually work from home as independent contractors, which provides them with the flexibility to choose their own work hours.

How good does that sound?

Although, there are some Medical Transcriptionists who prefer to be in an office setting and work at hospitals, medical centres, or clinics.

If you’re thinking about pursuing a career in medical transcription, there are two main career pathways:

Is there career progression for a Medical Transcriptionist?

A career as a Medical Transcriptionist provides you with the opportunity for career development. For example, these career pathways include:

What is the training to become a Medical Transcriptionist?

TalentMed’s nationally recognised Diploma of Healthcare Documentation is designed to help provide you with the essential skills and knowledge needed to get a job and excel in this increasingly popular field.

Most noteworthy, this is currently the first and only nationally recognised course in Australia that provides both medical transcription and editing training. Also, qualified trainers are available from the moment you start the course, all the way through until you complete your course.

Will I find work?

There are many career choices for our graduates and TalentMed helps you the entire way in this process. Once you complete the course, your Graduate Support Team will provide you with extensive job placement assistance.

Through our network of associated public and private hospitals, medical clinics, transcription agencies and Medical Transcription Service Organisations (MTSOs) we are able to assist you in finding a suitable position upon graduation. As a result, we have been able to place 97.1% of our graduates into working positions!

Job Placement Assistance Success Rate

In fact, there is a very high demand for qualified Medical Transcriptionists, and we consistently receive large requests for TalentMed graduates from employers nationwide. For example, these include:

What is the best way to get started?

Here at TalentMed, we assist you every step of the way to pursue your dream of working from home. However, not only you would be able to have more time to enjoy doing the things you love, but above all, you can work while staying home to be with your family.

For more information on becoming a Medical Transcriptionist, check out our Ultimate Guidetraining to become a Medical Transcriptionist or you can register for a free consultation with one of our Career Advisers below!

Request a Free Information Pack

About the Author:

Sarah-Louise Slade
Sarah-Louise is a Career Adviser with over 5 years experience in Vocational Education and Training. Having completed a Bachelor of Business majoring in Human Resource Management, Sarah-Louise understands the importance of having a quality education. Feel free to comment and ask questions below.

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