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Exact Rototilling
06-06-2007, 12:04 AM
I just started my Rototilling business this spring. I've spent a considerable amount of time prepping and maintaining my equipment. I'm looking for a way that I can write off my labor for upkeep & maintenance time spent on my equipment. Any audit proof methods out there?

Thanks

fiveoboy01
06-06-2007, 12:35 AM
Well if you pay yourself, that is a business expense, hence a deduction.

You could track your hours worked and pay yourself hourly for it. Otherwise, I'm not sure that you can write that off.

I'm not a CPA, so I certainly could be wrong. It'd do you good to utilize one, they know how to get you the most deductions each year.

hosejockey2002
06-06-2007, 01:10 AM
I'm no CPA either, but it's my understanding there is no legal way to write off your time spent working on your business. Expenses and supplies related to equipment maintenance are deductible, of course. If you pay yourself and deduct that as a business expense, then you have to claim that pay as personal income and it comes out a wash. Probably the only way to legally claim that maintenance labor is to hire someone else to do it.