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Started By
Message
re: IRS Taxing Colorado Weed Stores Into Oblivion
Posted on 11/4/14 at 11:40 am to The First Cut
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
2
Posted on 11/4/14 at 11:41 am to iAmBatman
You'd be surprised at what is legal. Drug dealers can deduct cost of goods sold as a legal deduction.
Posted on 11/4/14 at 3:14 pm to iAmBatman
quote:
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
I have a tax test Thursday and this is on it. Funny to see an irl situation like this the week I have a test on it.
quote:
Drug dealers can deduct cost of goods sold as a legal deduction.
Yep. All other illegal business can only deduct their legal operating expenses. But drug dealers can only deduct COGS
This post was edited on 11/4/14 at 3:18 pm
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