cmptrguy1
Oct 17, 2014, 10:20 AM
Hello,
I am a one person FL based business, I am not making enough to pay myself a salary yet. It is a second job that I like to do. Should I keep track of my labor hours? Is this something I can take a tax expense for at year end? Could it be that I track my labor hours for my jobs and then accrue them as if I am loaning the money for my time to the business? Just wondering as I spend a good amount of hours weekly with no monetary return.
Not a Corp. or an LLC just a private Sole Proprietor owned business.
Thanks
Gary
I am a one person FL based business, I am not making enough to pay myself a salary yet. It is a second job that I like to do. Should I keep track of my labor hours? Is this something I can take a tax expense for at year end? Could it be that I track my labor hours for my jobs and then accrue them as if I am loaning the money for my time to the business? Just wondering as I spend a good amount of hours weekly with no monetary return.
Not a Corp. or an LLC just a private Sole Proprietor owned business.
Thanks
Gary