Free consultations
Varies
Can You Write Off Free Consultations?
Short answer: No for the value of your time: unpaid work isn't deductible, though out-of-pocket costs for the consultation, like travel or materials, are.
Report sales at the amount you actually collected; you can't deduct income you never received.
Records to keep: Keep receipts or invoices, proof of payment, and a note of the business purpose for each expense.
Free consultations
Varies
General Business
No for the value of your time: unpaid work isn't deductible, though out-of-pocket costs for the consultation, like travel or materials, are.
Business justification
No for the value of your time: unpaid work isn't deductible, though out-of-pocket costs for the consultation, like travel or materials, are. Report sales at the amount you actually collected; you can't deduct income you never received.
Category
- Tax Write-Off Rules