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Level 3
posted Apr 3, 2022 4:04:07 PM

Time and labor spent of business development considered a tax deduction for small business?

Hello.  I am a sole proprietor and pre-COVID I expensed business development meeting related costs (travel, meals, etc.) as a tax deduction.  However, during COVID, most of my meetings are done from my home office.  Can the time I spent on business development meetings over the phone and video be considered a tax deduction?  

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1 Best answer
Expert Alumni
Apr 3, 2022 5:29:32 PM

No, you are not able to deduct your time spent on your business as a deduction. Your time doesn't cost you anything and there is no amount to deduct. Although your time is valuable it is not a deductible expense.

 

You can deduct any equipment needed for distanced meetings.

2 Replies
Expert Alumni
Apr 3, 2022 5:29:32 PM

No, you are not able to deduct your time spent on your business as a deduction. Your time doesn't cost you anything and there is no amount to deduct. Although your time is valuable it is not a deductible expense.

 

You can deduct any equipment needed for distanced meetings.

Level 3
Apr 6, 2022 9:41:02 AM

Makes sense.  Thanks PattiF.