Thinking About Growing Commercial Marijuana...

[HFS]

The real shenanigans is, while banking options are severely limited for the weed industry, the IRS has a guide on how weed producers and sellers can pay their taxes.

https://www.irs.gov/businesses/small-businesses-self-employed/marijuana-industry

Yep. Even illegally earned income is subject to income tax.

 

[Dumpstick]

Yep. Even illegally earned income is subject to income tax.

Which is what put Al Capone in prison.

 

[dlbleak]

Isn’t there a cannabis based crypto currency like weedcoin or potcoin? Seems like I had heard or read this someplace.
Lots o people paying cash for cars trucks boats properties etc

 

[O4L]

One reason I am curious about all this is because I am in need of gainful employment and I'm having a difficult time finding any with my physical limitations, but sitting at a table trimming buds all day sounds like something I could do.

 

[dlbleak]

One reason I am curious about all this is because I am in need of gainful employment and I'm having a difficult time finding any with my physical limitations, but sitting at a table trimming buds all day sounds like something I could do.

I’ve wondered about this too. Does salary/ pay have the same restrictions? I’m just curious

 

[O4L]

I’ve wondered about this too. Does salary/ pay have the same restrictions? I’m just curious

I'm sure it does.

 

[dlbleak]

I'm sure it does.

Maybe you get paid in buds and gummies!

 

[CHenry]

(The bank filed form 8300 reporting it) (You do not sign it or file the form yourself)


How Much Money Can You Deposit Before it is Reported? (freshbooks.com)

A check and cash is the same, just a different delivery system. No credit was used for either.

 

[O4L]

Maybe you get paid in buds and gummies!

May be. [emoji16]

I was actually looking into this a little and it looks like it's cash payment for labor.

I have no problem dealing in cash, I actually prefer it. I'm old school enough to like using cash for most things. Although I usually don't have much money anymore, I have never liked having mine in the bank.

I have had my own business in the past that was mostly cash income so I'm used to keeping records and such for tax purposes.

 

[CHenry]

May be. [emoji16]

I was actually looking into this a little and it looks like it's cash payment for labor.

I have no problem dealing in cash, I actually prefer it. I'm old school enough to like using cash for most things. Although I usually don't have much money anymore, I have never liked having mine in the bank.

I have had my own business in the past that was mostly cash income so I'm used to keeping records and such for tax purposes.

having a million bucks in cash to store would be a pain. Cant use it to make a house payment or much more than buying groceries and fuel and the like. I know, I dealt with this on a much smaller scale once. Had $10,000 a month in cash to store and spend. Had to buy money orders to pay bills with just to get rid of it faster while my bank account swelled from non use.