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If time is money, why can't I deduct it?

July 27, 2011

That was the reasoning applied by an accountant for time he spent setting up his own internet business. The Tax Court was not amused:

Neither accounting principles, tax law, nor common sense supports a deduction by petitioners for contract labor as a result of an accrual of an amount “owed” by petitioner to himself for his own labor.

Peter Pappas has the scoop.

Cite: Mondello, T.C. Summ. Op. 2011-97

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