I have been working for my fiance for about 1.5 months now for free, at his business. Is there a way that I can use this as a tax deduction...I plan on using turbotax.com the delux edition...can anyone help?
2007-01-12 07:56:07 · 6 answers · asked by Brittni Freeman 1 in Business & Finance ➔ Taxes ➔ United States
If you worked for free, what are you filing taxes on? If it had been a legitimate (recognized by IRS) volunteer/charity work, you can claim the mileage but I don't know that you have any deductions by voluntarily working for no compensation.
2007-01-12 08:06:04 · answer #1 · answered by Carlover29 3 · 2⤊ 2⤋
You can deduct all of the money you earned. What? you earned nothing? Well, then put that on your return as well.
Tell your b/f to pay you. Then he can deduct the payments made to you to reduce his business taxes.
What you & (and your b/f really) is GOOD tax advice. Not an income tax preparer in a box. That only tells you how much tax to pay. But a tax ADVISOR to set up your company to pay the LEAST amount of tax, which is usually a PROACTIVE event, not a reactive one.
WealthBuilder
Enrolled Agent / Tax Specialist
p.s. NO, you can't deduct the value of your time for business OR charity purposes. Because my value of your time is different than yours!
2007-01-12 08:04:14 · answer #2 · answered by WealthBuilder 4 · 2⤊ 0⤋
Wayne is right...There's no dollar value on $0. You had no income so you don't need to file income tax.
2007-01-12 08:06:37 · answer #3 · answered by Vinegar Taster 7 · 1⤊ 0⤋
No.
Per IRS rules, your time has no value.
The good news is that you don't have to pay taxes on money you didn't make.
2007-01-12 08:04:07 · answer #4 · answered by Wayne Z 7 · 4⤊ 0⤋
Yes if it is for a non profit organization
2007-01-12 08:03:53 · answer #5 · answered by doughy89 1 · 0⤊ 3⤋
no
2007-01-12 08:52:20 · answer #6 · answered by Anonymous · 0⤊ 0⤋