Cost of Goods Sold for single member LLC?

[jdog76]

Hi-

I make a certain custom product and sell it directly to my clients. I understand COGS to be cost of materials used plus the labor used to produce the product. 

If I sold about 60k worth of product with 10k in supplies how much am I allowed to alot for my labor since I am a single member LLC? The labor is the actual time consuming and difficult part and while I made a decent net profit my salary is well below where it would be if I were working at a larger established business.

Thanks

[VolvoGirl · Accepted solution]

Sorry, You can not deduct your own labor or time.  Only people you pay.

[jdog76]

Thank you!