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You cannot deduct value of your own labor. If you paid somebody else to do it you would record it as payroll or contract labor expense but if you did it yourself you cannot deduct it. You will also not increase the inventory by the value of your own labor.
As owner of a single member LLC you do not work for your LLC and you do not pay yourself. If you take money out of your LLC, you will record it as owner's draws (not deductible for tax purposes).
No, I do not see any response, just the original question.
Can you see mine?
You will credit "contract labor" account.
A general and administrative expense (G&A) refers to operation expenses rather that to expenses that can be directly related to the production of any goods or services.
If you purchase a used piece of equipment at $100.00 and labor, freight, crating, etc. to obtain and repair it is $200.00 that is the adjusted purchase price now of the equipment.
Your G & A would not be added to the cost. Those expenses ($50) are listed below cost of goods sold on a consolidated income statement.
The top line item on your statement of income is net revenues. The total cost of goods sold is deducted from this figure to determine the gross margin. The general and administrative expenses are then deducted from the gross margin in a consolidated income statement to show your net income.
You will deduct that $50) G&A on your tax return (most likely Schedule C if single member LLC).
New expert that posted above
I did not mention you doing the labor. I totally over looked that.
I advised you to add that labor cost to the purchase
Unclear what other info you require.