Being a legal cannabis company, you are likely familiar with the IRS Tax Code 280E. This tax code sets To overcome the financial obstacles linked directly to your annual tax liability owed to the government.
From cultivators to retail shop owners, whether in the medical or adult-use sector, 280E imposes financial struggles on legal businesses. The ambiguous limitations set by the IRS concerning legitimate business write-offs pose significant problems for those who own companies within the cannabis industry.
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While non-cannabis businesses can write off any expense that goes into the cost of running the company, this is not the case for cannabis businesses. We need to get used to it: this will remain in effect until cannabis is no longer federally classified as a Schedule 1 Illegal Substance.
The federal government still views cannabis as “illegal” and any business that sells it as trafficking — even though individual states have voted to legalize it. The federal government is not in the business of helping to sell illegal substances… but they are in the business of taxation. Cannabis businesses can stay in business — if they play along.
Read the rest of the article and more here at Ganjapreneur
Working With, Not Against, IRS Revenue Code 280E
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