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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 by petitioner to himself for his own labor.
Peter Pappas has the scoop.
"Venture Funding for Dummies: A 2012 Report"
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“I wish MyVenturePad had been around when I started my business. It would have made it easier.” Jim Estill
Jim Estill is a partner on Canrock Ventures and sits on the board of RIM (Blackberry). More »
Steve King is a partner at Emergent Research and a Senior Fellow at the Society for New Communications Research. More »
David Thomson is founder and Chairman of The Blueprint Growth Institute, a specialized management-consulting firm focused on helping.. More »
Phil Wainewright is a thought leader in cloud computing as a blogger, analyst, and consultant. More »
Barbara Weltman has written more than 25 books on entrepreneurship. More »
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