Currently, while income earned from such businesses is fully taxable, deductions and credits are not allowed because the businesses sell what is contraband under federal law. The Small Business Tax Equity Act of 2013 (H.R. 2240) would change this. However, GovTrac.us sets the chances of passage at zero.
Please follow me on Twitter, connect on LinkedIn, Manta, Google+, RebelMouse, my Big Ideas for Small Business® Facebook Page, and my YouTube channel. Hope to see you there!
Don’t forget … you can now get your Idea of the Day® and other info from Big Ideas for Small Business® on your mobile devices!
