Unregistered 12:19 PM 12-29-2013
I closed in November after 25 years. My question, is how long should I continue to count my hours? I mean can I count hours spent doing closing things and paperwork for taxes, etc. What about additional expenses for paperwork copies, etc for closing and year end stuff for the parents??
I confused on this one.
TomCopeland 09:51 AM 12-30-2013
Originally Posted by Unregistered:
I closed in November after 25 years. My question, is how long should I continue to count my hours? I mean can I count hours spent doing closing things and paperwork for taxes, etc. What about additional expenses for paperwork copies, etc for closing and year end stuff for the parents??
I confused on this one.
You have a choice. If you count the hours you spent in December winding down your business, then you would divide the total number of hours your worked by the total number of hours in the year and claim 12 months of house expenses.
Second choice: If you don't count the hours in December, divided the hours you worked from January - November by the total number of hours from January - November and claim 11 months of house expenses. My advice: Only count the December hours if the hours you worked in December are close to the average number of hours you worked in earlier months.