Wednesday, April 15, 2015
You run a legal business, licensed by the state
But when you file your federal taxes, you can not take advantage of any of the myriad business deductions. Because any business involvement in the marijuana industry is considered illegal by the IRS, you pay full freight on all the money you make.
While most business owners rush to meet the federal tax deadline and cash in on a plethora of deductions, pot store owners and growers complain that they can’t write off a single expense, even if they have state licenses.Our beloved Congress would probably operate much better if they chilled out with a few bong hits, before and after sessions.
They want the law changed, saying it’s discriminatory and outdated as more states move to legalize marijuana.
“We don’t want special favors – we just want to be treated like businesspeople,” said Nick Cihlar of Bellingham, Wash., co-owner of Subdued Excitement Inc., a company in nearby Ferndale that grows marijuana for Washington state retailers.
The ban on deductions by the Internal Revenue Service is in place for one reason: Congress has declared every pot transaction a felony crime.
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