If we have a valuable skill or talent, even if it is done for our own business, it still needs to be paid for and recorded as an expense and will reduce taxable income. Then, we can deposit the money we receive as additional capital.
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If you're good at something, don’t do it for free; it's business
- Thread starter Starmix
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It's essential to note that our skills and talents aren't easy to acquire and develop, hence, anyone wanting our services must pay. We're investing ourselves, therefore, not free.