- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
IRS Taxing Colorado Weed Stores Into Oblivion
Posted on 11/4/14 at 11:08 am
Posted on 11/4/14 at 11:08 am
quote:
Woolhiser first opened shop in 2010, selling medical marijuana. He started selling recreational pot when it became legal in Colorado at the start of this year. Last year, his business didn't earn a profit. Had he been selling anything but cannabis, he would not have owed federal income tax, as he ended up with a loss.
Instead, he ended up paying close to $20,000 to the IRS because of a 1980's tax code called 280E.
quote:
More states may legalize marijuana this year, but state laws don't change federal laws.
And barring any changes from Congress, new cannabis businesses in those states, along with the established shops in Colorado and Washington state, face a large, and possibly ruinous, tax bill come April 15.
LINK
20
Posted on 11/4/14 at 11:10 am to Darth_Vader
frick the irs
Posted on 11/4/14 at 11:10 am to Darth_Vader
Haters keeping the dope man down.
Posted on 11/4/14 at 11:11 am to Darth_Vader
Good. It's should be legalized and taxed like everything else
Posted on 11/4/14 at 11:11 am to Darth_Vader
Stoners open head shops.
Forget/neglect to pay taxes.
IRS targets them for their taxes.
Forget/neglect to pay taxes.
IRS targets them for their taxes.
Posted on 11/4/14 at 11:11 am to Darth_Vader
Moonshiners didn't go out of business after prohibition for a reason. The Revenue Man is always there.
Posted on 11/4/14 at 11:12 am to Darth_Vader
quote:
Last year, his business didn't earn a profit.
bullshite. He's probably paying taxes he evaded
Posted on 11/4/14 at 11:14 am to Darth_Vader
well, of course they are. It's still against federal law.
Posted on 11/4/14 at 11:14 am to Darth_Vader
Posted on 11/4/14 at 11:14 am to Darth_Vader
If he's not passing the tax burden onto his patrons, then he shouldn't be running a business.
Posted on 11/4/14 at 11:15 am to Darth_Vader
I've never understood the tax it to death option. Most people will still end up buying in the cheaper black market.
Keeping the price high, won't cut a single crime and will just push most people to get it the way they used to get it.
Keeping the price high, won't cut a single crime and will just push most people to get it the way they used to get it.
Posted on 11/4/14 at 11:16 am to Darth_Vader
Well they tax the consumers out the arse
Posted on 11/4/14 at 11:16 am to Btrtigerfan
quote:
If he's not passing the tax burden onto his patrons, then he shouldn't be running a business.
Cut him some slack. Trying to figure this stuff out when you're high is hard.
Posted on 11/4/14 at 11:25 am to Darth_Vader
And the prices will rise accordingly and things will continue.
Posted on 11/4/14 at 11:30 am to TigerMyth36
It's not that. There's a wrinkle in the tax law that illegal business have to file taxes even though it's illegal, which is what these people are doing. The problem is that running an illegal business doesn't give you the same tax deductions as running a legal one.
Posted on 11/4/14 at 11:33 am to ags01
quote:
And the prices will rise accordingly and things will continue.
A small business owner not understanding how to run a business?
Color me shocked.
What a numbnuts. You know this before you open the doors, not when it's time to pay taxes.
Lemme guess, no accountant or attorney helped him start up.
He just "likes weed".
Posted on 11/4/14 at 11:35 am to TH03
quote:
frick the irs
Couldn't agree more.
Posted on 11/4/14 at 11:36 am to iAmBatman
quote:
There's a wrinkle in the tax law
Not really a wrinkle. They've had that or something similar on the books for damn near 70 years.
Al Capone says hi. Well, he would if warn't graveyard dead.
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.
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
Page 1 of 4
Popular
Back to top
Follow TigerDroppings for LSU Football News