Deductions for marijuana businesses?

Current, marijuana businesses must report all of their income but cannot take any deductions or credits for their business expenses. The Small Business Tax Equity Act of 2015 (H.R. 1855) would change this even though marijuana remains a controlled substance under federal law. If enacted, the bill would allow businesses that comply with state law (e.g., medical marijuana, recreational marijuana) to take legitimate write-offs.

Are you self-employed? There's a book for that! For essential year-round tax planning and critical business strategy, you'll want your copy of J. K. Lasser's Guide to Self-Employment: Taxes, Tips and Money-Saving Strategies for Schedule C Filers - available on Amazon!

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