Cannabis Knowledge & Insights

Cannabis Tax Talk: 2021 Year End Tax Strategy

Our team of cannabis tax experts has been serving the industry for years and knows the ins-and-outs of lowering tax burdens so you can maximize profits. Many cannabis operators have greatly benefited from our year end tax strategies. In addition, we will work with you to optimize entity type and structure, allocate cost-of-goods sold to minimize the impact of 280E. And we document everything so you’re protected in the event of an audit.

Check out the latest installment of our series of monthly tax talks with our thoughts on year end tax strategy for both cannabis businesses and business owners. Our resident tax experts, Jessica Thompson and Natalie Rasmussen, walk us through a variety of activities you can do before the year ends to lower your 2021 tax burden and start 2022 on the right foot.

Tax Tips and Guidance

Year end tax topics discussed include:

  • Goals for Year End Tax Planning
  • Reviewing Year-to-Date Profits
  • Impact of Business Structure
  • Staying Up-to-Date with State Taxes
  • Reconciling Financials
  • Accelerated Depreciation
  • Prepay Deductible Expenses
  • Deplete Inventory By Year-end
  • Should Operators Take Accelerated Depreciation?
  • Saving for Retirement
  • High-Deductible Health Savings Accounts
  • Charitable Deductions
  • Avoiding Kiddie Tax with 529 Plans
  • Capital Loss Carryover
  • Hiring Your Kids
  • Wash Sale Losses
  • 4th Quarter Estimated Tax Payments

Its not too late to implement year end tax strategies

Our national footprint ensures we have the expertise and insight to support tax strategies in every state and municipality so you can grow with peace-of-mind.

Moreover, we employ several financial programs that can assist the company with its fiscal responsibilities including, tax planning and compliance, outsourced CFO support, audit preparation, tax controversy support, and much more.

For recommendations and assistance with tax planning and accounting services, schedule a free consultation or contact us at 1-800-674-9050.

Year End Tax Planning