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Started By
Message
Tax Day is source of unhappiness for marijuana industry
Posted on 4/15/15 at 11:18 am
Posted on 4/15/15 at 11:18 am
quote:
WASHINGTON — For owners of marijuana businesses, April 15 is one big downer.
While most business owners rush to meet the federal tax deadline and cash in on a plethora of deductions, pot store owners and growers complain that they can’t write off a single expense, even if they have state licenses.
quote:
The ban on deductions by the Internal Revenue Service is in place for one reason: Congress has declared every pot transaction a felony crime.
LINK
19
Posted on 4/15/15 at 11:20 am to Darth_Vader
Big government at work
Posted on 4/15/15 at 11:20 am to Darth_Vader
Good. Pot is for trash balls.
Posted on 4/15/15 at 11:21 am to Dire Wolf
Screw BigGov and anyone who loves it.
Posted on 4/15/15 at 11:21 am to Darth_Vader
4/20 is right around the corner, so they'll toke to that...
Posted on 4/15/15 at 11:21 am to Darth_Vader
Nobody is making them sell weed.
Posted on 4/15/15 at 11:24 am to Darth_Vader
Did they not do their due-diligence on the tax laws before they started their business?
Posted on 4/15/15 at 11:27 am to LSUJuice
quote:
Did they not do their due-diligence on the tax laws before they started their business?
They were high. You can't expect them to know the nuances of business brah.
Posted on 4/15/15 at 11:29 am to Darth_Vader
They should just smoke up..
Everything is better high.. Even tax evasion.
Everything is better high.. Even tax evasion.
Posted on 4/15/15 at 11:29 am to Darth_Vader
I thought all stoners were happy?
Posted on 4/15/15 at 11:30 am to Darth_Vader
On one hand, I think it's ridiculous to bitch about it since this was a known impact when they chose that industry.
On the other hand, I find it hypocritical that the federal government can collect taxes from these businesses while not offering them the same tax laws as every other for profit business. It's essentially a payoff to the federal government to look the other way. It's extortion. This is no different than a cop letting someone go for having drugs if the person gives the cops those drugs or money to leave them alone.
On the other hand, I find it hypocritical that the federal government can collect taxes from these businesses while not offering them the same tax laws as every other for profit business. It's essentially a payoff to the federal government to look the other way. It's extortion. This is no different than a cop letting someone go for having drugs if the person gives the cops those drugs or money to leave them alone.
Posted on 4/15/15 at 11:31 am to LSUJuice
quote:
Did they not do their due-diligence on the tax laws before they started their business?
Well if they had then today would not come as any surprise. To be honest, if you look at it objectively, the legal pot business is a horrible investment. Yeah, the powers that be in Washington are turning a blind eye right now. But what happens when there's a changing of the guard in DC or they simply change their minds and they decide to enforce the laws currently on the books? When that happens you're done and you're going to jail for a long, long time.
And for the record, before anyone gets the wrong idea about where I'm coming from, I personally believe pot should be legal.
Posted on 4/15/15 at 11:32 am to Darth_Vader
Legal weed is for suckers anyway.
Posted on 4/15/15 at 11:32 am to Broke
quote:
Nobody is making them sell weed.
Normally I'd agree, but they can't even write off expenses and stuff like that. From what I understand, they have to put all revenues on the miscellaneous line.
Posted on 4/15/15 at 11:34 am to GreatLakesTiger24
I will say it feels kinda cool to buy it over the counter with a debit card standing in between a wook and a guy in a nice suit.
Posted on 4/15/15 at 11:36 am to Darth_Vader
quote:
cash in on a plethora of deductions
I wouldn't call paying less "cashing in" but I get their point.
Posted on 4/15/15 at 11:36 am to GreatLakesTiger24
quote:
Legal weed is for suckers anyway.
Well, if you think about it, you're right. The thing about it is that while a state can call it legal, that doesn't matter one bit the the federal government. In the Fed's eyes it's still very much illegal.
Every day the owners of these pot stores open their doors, the only thing stopping he Feds from coming in, confiscating everything they own, and throwing them in jail for a lot of years is the kindness of the Fed's hearts.
Posted on 4/15/15 at 11:38 am to Darth_Vader
Cry me a river......
Posted on 4/15/15 at 11:38 am to Darth_Vader
You mad
Posted on 4/15/15 at 11:39 am to GRTiger
Not really.
You can be charged for not filing taxes on illegal drugs and sales. Same thing here. You're selling illegal drugs on a state technicality.
You can be charged for not filing taxes on illegal drugs and sales. Same thing here. You're selling illegal drugs on a state technicality.
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