Cost of Goods Sold for single member LLC?

jdog76 — Mon, 30 Mar 2020 21:21:16 GMT

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

Re: Cost of Goods Sold for single member LLC?

VolvoGirl — Mon, 30 Mar 2020 21:24:58 GMT

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

Re: Cost of Goods Sold for single member LLC?

jdog76 — Mon, 30 Mar 2020 21:34:33 GMT

Thank you!

topic Cost of Goods Sold for single member LLC? in Business & farm

Cost of Goods Sold for single member LLC?

Re: Cost of Goods Sold for single member LLC?

Re: Cost of Goods Sold for single member LLC?