Can you claim a loss on your taxes for anticipated income for a service you performed if all you did was spend hours producing a final product. Are you allowed to set your own value to your time and write that amount off as a loss on your taxes.

Negative.

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Originally Posted by ecljd

Can you claim a loss on your taxes for anticipated income for a service you performed if all you did was spend hours producing a final product. Are you allowed to set your own value to your time and write that amount off as a loss on your taxes.

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Generally cannot take a loss on anticpated earings. For service you perform, will be charged in absence of an agreement, you cost plus a reasonable alpha, writing off a loss as a result what you think is cortrect is not going to fly with the IRS.