Which Dispensaries Should I Take My Overages to?
by, 06-26-2011 at 12:28 AM (1017 Views)
If a club or any business for that matter does not show where its material & or product costs go at tax time,then they just pick a figure out of thin air to show monies spent to do business its opening one hell of a can of worms for the business owner,charges of money laundering & racketering come to mind along with the one charge that is certain which is tax evasion.
I think its just one of those things we all have to swallow,i invested some capital with a group so they could open a co-op,after the group pays back the investors with interest im out but until then im tied to them on paper.
The best advice i can offer any provider who wants to stay off the feds to do list is to do everything legal,go to city hall & set up a DBA (doing business as ),accept the tax paperwork from the clubs you sell overages to,keep all reciepts,even buy business insurance,claim all money taken in from sales & itemize the shit out of everything,you can deduct most your power & water bills as well as a portion of your house payment for the areas taken up by the medical operation.
I look at like this,as long as im doing every last thing required by law as well as not hiding or lying about any money to the IRS then im good,knowing ive acted in good faith im willing to explain myself to any jury.
If you think about it the feds dont want you & I,were punks to them,they want the fools who parlay the law into huge piles of unclaimed cash,and drive $250,000 cars, youtube is full of videos from guys flashing serious cash & driving uber expensive cars,all bought with money made from med bud,the feds look at those guys like a big ole pussy just waiting to be fucked.
Guys like us dont have too big a worry as long as we stay within the law.