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Started By
Message
re: IRS Taxing Colorado Weed Stores Into Oblivion
Posted on 11/4/14 at 11:39 am to iAmBatman
Posted on 11/4/14 at 11:39 am to iAmBatman
quote:
There's a wrinkle in the tax law that illegal business have to file taxes even though it's illegal
That's not a wrinkle, that's tax law. Income is broadly conceived - whether obtained by legal or illegal means - and is subjected to income tax unless specifically excluded by congressional acts.
1
Posted on 11/4/14 at 11:40 am to The First Cut
The wrinkle I was referring to is the fact that some expenses can't be claimed as deductions but if it were a legal business then those taxes would be able to be deducted, thus lowering their tax burden
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