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

Keep track for your own edification, not for tax purposes. Anyone you pay, even yourself, has to declare that pay as income, so there's no point yet. When your business starts to make a profit, you could take a draw, or become an LLC.

It's good for many reasons to know how much time you put into a new company. You might take on a partner, or sell it, or sell an idea, for starters.