3315419
You'll need to sign in or create an account to connect with an expert.
Sorry no. You can't expense your own labor or time.
You don't enter your pay or withdrawals on schedule C or into your tax return at all. And you don’t include it as income anywhere else. (And if you paid yourself and deducted it as an expense then you would have to include it as income on the same tax return so it would be a wash.)
See Schedule C instructions page C-10 Line 26
Do not include salaries and wages deducted elsewhere on your return or
amounts paid to yourself.
https://www.irs.gov/pub/irs-pdf/i1040sc.pdf
COGS for you consists of raw materials and supplies used for your art pieces.
No, you don't count your own time in COGS or in expenses. In fact, the net income of your business is compensation for your time.
Sorry no. You can't expense your own labor or time.
You don't enter your pay or withdrawals on schedule C or into your tax return at all. And you don’t include it as income anywhere else. (And if you paid yourself and deducted it as an expense then you would have to include it as income on the same tax return so it would be a wash.)
See Schedule C instructions page C-10 Line 26
Do not include salaries and wages deducted elsewhere on your return or
amounts paid to yourself.
https://www.irs.gov/pub/irs-pdf/i1040sc.pdf
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
johntheretiree
Level 2
mellynlee1
Level 3
mc_downes
New Member
patamelia
Level 2
business mileage for rental real
New Member