What is The Medical Marijuana Industry Supposed to Do At Tax Time Since Their Crop Is Illegal?

Operating a business just isn’t easy, although women & males in the state legal medical marijuana business have it worse than everybody else due to outdated federal laws. The way existing laws are written, although these folks manage a state legal business they’re not permitted to deduct all of their expenses the manner in which other entrepreneurs get to do at tax time. And also for many, that means they will often end up owing more taxes than the entire year’s profit.

This leaves dispensary owners, growers, medible manufacturers and everybody else in the twenty three states with a state-legal medical marijuana business confused about just what they are supposed to do for tax time. Plus, since the laws would be the issue, including an excellent accountant cannot provide the responses they want to hear.

A large number of small business people have never run a store or business before, and now they are discovering that they can’t compete using the same rules as all the others. These males and girls are already paying state business fees plus taxes which are horrendously larger than those charged to every other business owner, including the cigarette, alcohol and adult industries.

And also, making things even worse, the Federal Tax Court of ours has already denied deductions on from shop rent to medical marijuana legally purchased for sale to patients in this state sanctioned business. The IRS does this by merging the Controlled Substances Act of 1970 classifying marijuana as a Schedule I drug combined with IRS Code Section 280E disallowing the deduction of controlled substance bills. This allows them to grab any benefit made by these small business owners and drive them of business. Due to this, everyone in the medical marijuana industry which turns in an authentic tax return becomes a sitting duck for anti marijuana auditors.

Before these legitimate women and businessmen can compete fairly both federal laws have to be repealed. Until they are, the state legal medical marijuana industry will likely be forced to compete in the current tax world, a place where the IRS can wipe out all of their profits at any time and the black market is in fact safer.

Simply because the U.S. Department of Health & Human Services owns patent #6630507 for the anti oxidant properties in marijuana, and the U.S. patent office has given marijuana patents to big pharmaceutical companies, it is apparent that marijuana has therapeutic value. Combined with the documentation of successful healthcare use in Israel along with other places , it appears to be time for the 1970 Schedule I drug label’s repeal. But, that’s not likely to occur almost any time soon unless the medical marijuana industry unites and demands that switch.

If patients, medible makers, dispensary owners, and growers do not speak up due to this industry today, they are able to expect continued problems for decades to come. Medical marijuana patients and entrepreneurs only have 2 choices; they’re able to still recognize discrimination for the choice of theirs of a great all natural medicine or they can come together as condor a scam (Check This Out) team and get those federal laws changed. if they decide on the very first alternative they should shut the doors of theirs nowadays because taxes will generate them from business pretty fast anyway; but If they drive for the equal rights that they are entitled to as an industry it is going to open the door for legitimate business results as well as true earnings.

Since each politician takes an oath to stand for the voters in his or maybe the state of her, and the state of yours has repealed prohibition, it is the politician’s job to acquire those federal laws changed. Medical marijuana business owners have to schedule meetings with their state senators and representatives to go over this problem today. And, they need to expect outcomes. It’s every voter’s right to demand accountability, and state authorized medical marijuana businessmen and ladies have the right to know what their elected officials have done to end this tax discrimination.

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