Solved: I am self employed and in 2016 I spent 40 hours working on a bid that I did not get. Can I write off any of that time?

I am self employed and in 2016 I spent 40 hours working on a bid that I did not get. Can I write off any of that time?

I report my business income and expenses Sch C and have had this business for over 25 years.

posted

No, IRS won't allow a deduction for the value of your time. However, you can follow the normal expensing procedure for any additional expenses associated with the bid.

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No, IRS won't allow a deduction for the value of your time. However, you can follow the normal expensing procedure for any additional expenses associated with the bid.