Hi all -
I`m new to the site and looking forward to getting to know y`all. I have a burning question that I just can`t find an answer to... not online, not on the phone with H&R Block, and not on the phone with the IRS - !
(Or, maybe just not the answer I want.
I`m a web developer building a site for an online-only business I will launch early next year. I`m putting in a ton of time into this, unbilled of course (not getting money yet so can`t pay myself). Is there any way I can deduct this time at a reasonable rate from my personal tax burden for 2006?
I quit my job and have worked already about a month. Is this in some way deductible, in part or in whole, perhaps viewing this as a time investment, or pro bono work, or even "opportunity cost" (since I`m not getting paid for doing something for someone else)??
Thanks! Any leads greatly appreciated.
(What the IRS did say was that on Schedule C, the one about being a sole proprietorship, it`s very difficult to deduct my own time, but I`m not sure she fully understood my situation...)