The Black Briefcase
dispensary writing checks for meds rather than cash in the
Cannabis Cafe forums; Ok, title says it...
Local dispensary just opened. I have family member who knows manager in charge of sourcing outside ...
dispensary writing checks for meds rather than cash
Ok, title says it...
Local dispensary just opened. I have family member who knows manager in charge of sourcing outside meds. Therefore, i am debating giving my meds to them monthly. So once a month i get a check for 5 lb at say 2500 a peice. So $12,500 check a month deposited into a buisness acount... come the end of the year i file as sole proprietorship for farming.
I file my exspenses for rent, natural gas, electric, nutrients as main exspenses.
Gross- 12,500 month------------- 150,000 year
Rent- 1,200 month---------------- 14,400 year
Natural gas- 250 month ---------- 3,000 year
Electric- 1,200 month------------- 14,400 year
Nutrients- 250 month------------- 3,000 year
Ok i can find other exspenses like sequrity, bank fees ect...
My net income would be 125,200 say i find another 20,000 a year to deduct so 105,200 a year is my better estimated net income.
So 105,200 - net
Then 30% total for goverment taxes - 31,560
73,640 would be my total after paying 30% to goverment.
Ok, this deffinetly new territory to me so please feel free to add your 2 cents in... this sound worthwhile to do? Checks can be written out to myself and in the dispensary books the check will have my caregiver registration number only... would they ever question what they were paying me for every month? I am legal and dispensary is legally allowed to compensate caregivers for meds.
30% = 8% city, 10% state, 10% fed, 2% ssq
Last edited by ricky6991; 03-06-2013 at 01:23 PM.
sure they will question you if you get audited. they question everything.
whats the question here?
I think 100k+ salary is pretty worthwhile.
You also forgot the fees you have to pay for business license, whatever BS other licenses you need. IE I have to pay a seperate BEAR license. basically $120/year for the privledge of working on computers. Who knows what they have for farmers.
On a good note you could get a big gas tank and have it filled at Farm rates and not pay tax. You can also drive a farm truck with farm tags on it for cheaper.
i still dont understand the question here.
taking a 12.5k check from a dispensary would bother me. They get shut down and vanish all the time around here.
your forgetting depreciation for equipment purchased. Also a lot of "computer hardware" depreciation can be accelerated since a lot of it is considered worthless right after purchase.
also you can pay reasonable rates for labor
Thats the questions lol... in a nut shell.
They are first and only dispensary for my state and will be huge around here. I can easily give them all meds.
Would i be in trouble for IRS if they were raided and shut down dispensary? They would prob follow the checks being paid out for meds. Where it would lead to my account(after warrant gives them my name from registration number) which i paid taxes for and if they came after me, i am a legal cardholder following state laws... idk, info regarding IRS is not familiar to me. Hence the post.
Last edited by ricky6991; 03-06-2013 at 01:46 PM.
Purple is talking about equipment amortization schedules for your grow gear and they are valid business-related expenses. Also all your mileage involving actual business - client visits, deliveries etc. Trips to the hardware store IF all you are buying is stuff for the business.
Buy Quicken Books or Peachtree or some other bookkeeping suite. The interviews alone will educate you.
Aw did I hurt your little ass feelings, sweetheart?
Yes i can find plenty of expenses that are real for doing it... just curious if the feds shut down the dispensary, would they look into cardholders who took compensation for giving meds to them.
Also, would the IRS try to go after those cardholders because its high amount checks being written? Then find i am filing taxes on the money like i should and audit me to see those checks were recieved for meds and thus i have broken fed laws.
This situation is not new and dispensary have been around cali an other states for awhile. I know they bought meds from people with checks cause if they are caught buying with cash they are breaking state laws for not properly inventory ect... so i know even though people always respond with fuck that or just sell on street ect...
The situation is, i have a deffinet "in" and they come pick up meds from me still on the plant and dry and cure it themselves... therefore, i dont need to worry about grey areas of the law based on "useable" meds ect... i have my plant count legal and cut them down. He comes an picks em up an writes me a check... no driving over my limits or anything. He legally drive with 100 lbs.
I think your main issue will be your ability to provide 5 lbs a month. Glancing at your one journal entry doesn't look like you can hold up your end of the deal.
And why on earth would you be posting your financial info online, fictional or non-fictional, on a marijuana forum? We didn't need to know any of that to answer your questions.
Living in a state of Euphoria...
um you cant take any business tax deductions...rent power... all that is not allowed federally..
you gross $150000 you owe on that federally so 35% to the Feds.($52,500)
if they audit you and you took them.... you will owe
now your state wants their cut B &O taxes plus the usually business
Then theres the cost of producing 5 pounds a month... which I can tell you takes around 18 -1000 watters and 4 seperate grow areas
3 flowering and 1 veg to feed them....3 - 10 x 10 ft areas for 4 lights each with 25 plants @ 3-4 oz each plus a 6 light 15 x 10 for veg
plus a warehouse... we were spending $4500 monthly for rent and electric of a 2000 sq ft warehouse with 180 amp service thats another $54,000
So recap...Federal government takes $50,000 you pay $50,000 for expenses... State is gunna take $10-20,000
that $150,000 shrunk down to $30k......Moral of the story........TAKE CASH ONLY
Last edited by colonuggs; 03-06-2013 at 05:16 PM.
are you saying they are not deductible federally because cannabis is federally illegal?
Originally Posted by colonuggs
because there have been SCOTUS cases to the contrary.
I dont post all my stuff online... if you have nothing useful to say then stfu an go post elsewhere. My post in hydro section shows i will easily harvest 5 lb anyways so your just showing your lack of knowledge. 5 lb off 12 plants is not impossible at all. So im allowed 24 flowering plants therefore, 12 plants a month for 5lb is more than reasonable. Besides everything posted was just generally speaking to give people who want to help an example
Originally Posted by Rancho Cucamonga
Im not posting any person stuff for financials. It is very generally speaking so im not worried about it.