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I am an artist. I have sold some custom pieces and I have taught private art lessons this year. First question Do I fill out COGS on the Schedule C form?

I have tax a ID number, most of my costs are hours spent planning and teaching. Is there a way to assign my hours a dollar amount to claim on the Schedule C?
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1 Best answer

Accepted Solutions
VolvoGirl
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

I am an artist. I have sold some custom pieces and I have taught private art lessons this year. First question Do I fill out COGS on the Schedule C form?

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

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2 Replies
MinhT1
Expert Alumni

I am an artist. I have sold some custom pieces and I have taught private art lessons this year. First question Do I fill out COGS on the Schedule C form?

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.

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VolvoGirl
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

I am an artist. I have sold some custom pieces and I have taught private art lessons this year. First question Do I fill out COGS on the Schedule C form?

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

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