RI patients need you!

should be 24-2600 for tested stuff in high teen % range and up. easy as that. those sell for upward 300 into 400 supposid an oz. nvm that its broken down to eiths ect.

as a drug dealer on street you can make 1k a week with about 6-9 people as customers by breaking ounces down. he sells to prob a hundred or so people if not more AND pays 2k a plate. those drug dealers pay 250+ an ounce. hes paying 125. do some math an you see how much is being made.... better yet go off other dispensaries salery. look them up. they have millions a yr going in an coming out. plenty plenty to pay bills an exspenses... oh yeah and finally , all those 'exspenses' are exactly that when it comes to tax time. so that bills comment means nothing when you dont pay tax on it all. but yet we hold them up an doing buisness an pay 35% on our 2k each plate. ultimatly getting 1300 a plate and being on record of paying tax on weed which is illegal.... hell, 1300 a plate broken down on a caregiver will make patients very very happy but yet we are asked to give to a middle man so he can rape market....

i suppose thats the new deffinetion of compassion though.

Haters!!! More like hes the haters and thinks theres a bunch of pathetic people out there starving for money, sorry but if they have elbows or p's or LB's those people aren't strapped for cash so yeah hes the hater not us because Cali Colorado everywhere pays more.. But for the 3-4 people sticking up for him cool give him your stuff at that price... Peeps pay 16+ for mersh lol

im not sticking up for anybody im just giving my opinion.sure other states pay more.some dont.people referencing street dealing of course you will always make more money.you are also breaking the law.i applaud the people that are selling to slater.they could be selling there excess on the streets and getting double what slater is offering.but instead there helping the cause and the cause is getting meds in patients hands.too many caregivers wanting to get rich for producing meds.

So i go to pick up my little bit of money that slater owes me and they dont have my check. they told me to have a seat cause it takes along time to get from one end of the building to the other. I talk to this guy he takes my number and says I am sorry but we don't have it I will have them call you. After a week still not one call or message. Hey Blowstrees you still owe me an ounce and probably a whole bunch of other shit. you are gonna be blowin nothing when all your shit dies. peace

ANYBODY SELLING MEDS TO SLATER.. BE PREPARED TO PAY between 50% - 75% TAX at the end of the year filing your 1099

Wavegem said:

ANYBODY SELLING MEDS TO SLATER.. BE PREPARED TO PAY between 50% - 75% TAX at the end of the year filing your 1099

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really? that seems excessive.

i dont think its right they make you wait for payment.if they want you to bring in your meds they should cut you a check right then and there.

Wavegem said:

ANYBODY SELLING MEDS TO SLATER.. BE PREPARED TO PAY between 50% - 75% TAX at the end of the year filing your 1099

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As much as I dislike what has gone down with Slater, this is just plain wrong.

Here's what you pay as 1099:
Roughly 15% off the top for FICA. This would normally be half paid by your employer (on a W2 basis), but since you're both the employer and the employee, you get to pay both halves.

Whatever your state tax rate is.

Everything else depends on your filing status. For most people, there is probably going to be no separate business, so you'll pay whatever your 1040 filing percentage works out to be. It's more complicated for an official business (unless it's a sole propietorship, in which it's your 1040 again).

The big question about an official business revolves around "what is deductible?" Slater can't deduct ongoing business expenses, because their business is explicitly illegal. But if your business is "Bob's Plant Service," you can write off all those bags of Happy Frog, and nobody has to know what they were used for. (Whether or not you could survive an audit based on that is a question for your accountant and lawyer. Maybe the IRS will flag every 1099 Slater issues. I doubt it, but I don't know for sure and probably neither do you.)

As I said earlier, I think $125/z on a 1099 basis is actually $90-$100 after taxes, but before expenses. Once you throw in electrical, supplies, etc., I think you're down around $60-$70/z.

At that rate, I'd almost rather give it away and avoid the accounting hassle.

EDIT: If they start going long on paying people (beyond the already bad Net 30), that doesn't speak well for their ability to continue obtaining supply.

i refered to stret dealer cause there is not one single difference in the 2 except police cant arrest dispensary. money is exactly the same.

also, reason dispensary is keeping track of bud coming in ect is supposidly for deductions on taxes.

i have also sat with a cpa and he said hes doing this for multiple people and they just file quarterly and its 35% after write offs. IE, electric/rent/equipment/security/travel.

so you sell 1 lb a month for 2k from dispensary. you pay your rent and electric for say 500 total then you would pay tax on the remaining 1500 being your NET income. so you just do as many write offs as possible (there isnt much) then pay 35% on the rest. pretty strait forward. anyone doing this with dispensary should deffinetly use a cpa. they dont care what your doing an just handle your bank account an pay the tax... your not going into a federal place and saying hey im paying tax on my buisness called " marijuana growers" ... just get a account under your ssn at the bank an sit with cpa an use this account strictly for checks income from dispensary and for exspenses. then transfer remaining into another account if you want. very easy to follow account an you pay the tax on income.

in the other med states that purchase meds do they have to pay taxes too? or is this just a rhode island thing?

its not about payign cause the meds... its large amounts of money being deposited into account.

if you were to sell an oz for 125 to them an go deposit into your account there is no need to pay tax at end of yr for that. thats rediculous... when you have couple thousand going in a month or whatever then it needs to be paid tax on so no issues down road.

albiet everyone on here has deposited checks into bank an when it cleared they spent it an that was that. they never got a form an paid the tax on it unless it was crazy large sum.

A couple of things:

As of a couple of years ago, the threshold for issuing a 1099 was $600/year. Legally, you are obliged to pay quarterly taxes, whether a 1099 was issued or not, on any freelance money. The fact that you can pretty much safely ignore that without much fear (as long as there was no 1099) is totally up to you. If you try to ignore paying taxes on 1099 money, you will get audited. Bend over and enjoy.)


As far as 35% goes, I'm guessing that this is the average a person ends up paying -- 15% FICA and 20% income tax. The only reason you'd pay 30%+ after FICA was deducted would be if you were making $400K+ and it put you in that tax bracket. (See http://www.forbes.com/sites/moneybuilder/2013/01/05/updated-2013-federal-income-tax-brackets-and-marginal-rates/). Frankly, if you're making $400K, you probably don't need to flip Zs.

Banks are not required to notify the IRS about cash deposits under $10K. Many banks will also notify if the amounts are 'suspicious' (multiple deposits of $9K in consecutive days, etc.). Given interest rates these days, I'd just stick it in a safe deposit box...

The takeaway from all this should be 'don't fuck with the IRS'. They are not bound by legal niceities like 'probable cause'. If you are selling to a dispensary, suck it up and report the income.

If the money touches any of your bank accounts you you need to claim it. That is a golden rule in the contracting world. If you don't and you get audited they will compare deposits to the amount you claimed on personal accounts as well as business accounts and you are screwed. Because you have to file a schedual c you are going to be looked at closer than someone who just files a regular 10-40 from job earnings. I have been a self employed contractor most of my life an have always claimed some of my cash because it is the type of business that sends up a red flag if i dont. I could be wrong but i wouldnt put it past the IRS to audit people with 10-99 from the centers to make an example. It may be true that it doesn't say "marijuana" on it but they do know where its from and most likely what it's for, especially if that's your only 10-99.

As far as write offs go you can claim you are a "consultant" etc but go ahead and claim $12,000 electric bill as a consultant. You are a medical marijuana provider no matter what you call it and the IRS can find out and a tax as an illegal drug trafficking business. Which means you fall under code 280E and are taxed on gross income and can't claim expenses. You would be better off paying all your bills with cash or money orders. I pay my electric bill at the convienece store.

Claim it or don't but if you leave a paper trail by bank deposits be prepared to explain them. If you can't you risk jail and or fines that will break you. Many organized crime figures get done in by them, The IRS does not mess around.

so 2k turns into 1300 yeah I think I would give it away also before I let someone get 6k out of it

cash the check and Stuff the money in your mattress...

We just need caregivers willing to take over the market and undercut centers.. who will go direct to patient.. nobody I've met is hungry or ballsy enough to try

Undercutting the center is the easy part being able to supply enough stuff for 100+ people well that's the tuff part..

I wouldnt say either of those are the hard parts... multiple caregivers together can provid. Problem is not worth the attention from police. If we could ooperate like dispensary out in the open with no worries then shit would be available for cheap!

I would always deliver it.. Im not one for people at my house.. If your dealing with legal patience, shouldn't be no worries then and with multiple caregivers you all would need to be very close friends and not get money hunger and steal from one another.. I have helped set-up a few people hoping we could split it up in the end and well I always loose out this is with 8yr friends and a 50+ yr old dude and got screw by both getting greedy..

Blowstrees said:

All the haters, PLEASE keep hating. It makes waking up in the morning worth it.

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Hey how's waking up in the morning been? Hahaha

Nice thread... forgot what i even wrote on here lol...

Anyone speak with cpa since its very close to tax time and can shed some light into the income from disp and taxs being filled.