Cannabis Knowledge & Insights

Cannabis Tax Talk: 2021 Year End Tax Strategy

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.

Year end tax strategy 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

If you’d like more year end tax strategies to lower your exposure, be sure to reach out to our team of cannabis tax experts by scheduling a consultation or calling 1-800-674-9050.

Year End Tax Planning
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