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2021 Year End Tax Planning Tips – Individuals
Whether you’re cannabis business has had a great year, or you are navigating recent losses, there are a number of year end tax planning ideas
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Tax and business strategies to increase cash flow and ensure full compliance with all applicable states’ rules and regulations.
Our goal at GreenGrowth CPAs is to help individuals and companies in the cannabis industry identify and apply tax and business strategies to increase their cash flow while making sure they are in full compliance with all applicable states’ rules and regulations
Whether you’re cannabis business has had a great year, or you are navigating recent losses, there are a number of year end tax planning ideas
Cannabis businesses operate under an unfair tax system that creates significant complexity and a heavy burden. Therefore, the best way to beat regulators at their
Optimizing 280E deductions for cannabis retailers and dispensaries is the key to lowering tax exposure and boosting profitability. Above all, IRS Code 280E was intended
Until major regulatory changes occur, IRC 280E will remain the biggest obstacle to profitability for cannabis operators. The inability to deduct common operating expenses makes
Plunging wholesale prices, flower oversupply, and plateaued consumer demand is creating a cannabis market downturn for many cannabis operators. In this video, we lay out
The term audit makes cannabis business owners cringe, and a potential visit from the IRS causes panic among most of us. Tax issues can have
We all know the cannabis market will grow exponentially in the coming years. But in the near-term the outlook is not so rosy in several
With changes to cannabis banking laws stalled in Congress, cash management remains a primary operational and financial concern for cannabis business owners. The key to
Check out our monthly live event where we talk about the latest developments in cannabis tax planning and compliance. This month we had Natalie Rasmussen
With the steep decline of wholesale flower prices in several mature cannabis markets, already slim profit margins for cannabis cultivators are now razor thin. Compounding
We can help save you time and money by:
At its core, tax planning is the analysis of your finances from a tax perspective, with the purpose of ensuring maximum tax efficiency. Some common considerations of tax planning include timing of income, size, timing of purchases, and planning for expenditures.
We advise that you get a trained and experienced cannabis CPA for tax preparation and filing your cannabis business’ state and federal tax returns. No, there is no law or regulation that requires this, we just highly recommend using a cannabis industry certified public accountant to assist with tax planning, tax preparation, and tax filing.
Using an industry professional for this service is vital to ensure that your cannabis operation is compliant and running smoothly. There are many different tax codes and nuances that are cannabis specific–like 280-E–that require an extensive background to understand what they fully mean for you and your business. It is important not to miss this in the early stages of your business, or else you risk failure. Cannabis taxes can be tricky to comprehend due to the complex nature of the industry.
We are operating in an industry that is not recognized as ‘legal’ by the United States Federal Government. So, it is left to the legalized states to implement certain laws, regulations, and tax codes for cannabis businesses. GreenGrowth CPAs can help prepare your business for an external audit by organizing and preparing the required documents necessary to show an external auditor if it were to happen.
Yes, CPAs are investments. Now, we know it’s no secret, GreenGrowth CPAs are not the cheapest when it comes to tax preparation fees. Our real value is in what we can save you on your taxes when you leverage our cannabis industry experience.
With a general CPA, you can save on the initial prep fees and will feel like you’re getting a deal when you compare them to our prices. But you’re more likely to have a bigger tax bill with that generalist CPA.
With GreenGrowth CPAs, it is a bit more upfront costs on preparation, but you are more likely able to unlock incredible tax savings because we know what we are looking for and how to help your specific type of business.
These tax savings we find for your cannabis business are something that you can take advantage of EVERY YEAR. And the more revenue you generate, the higher the potential tax savings we can recapture for you. Where else can you invest money and get back a 3x, 5x, or even 8x return on your investment?
Tax preparation and planning in the cannabis industry requires every business to prepare their company’s quarterly and annual taxes for the state and federal government, as well as for a potential audit report. Quite simply, if you calculate cannabis sales tax incorrectly (which a majority of operators do), then you will most likely have an auditor at your door getting ready to sift through ALL of your reports and paperwork. This is no joke.
Choosing a CPA in the cannabis industry to file your state and federal tax returns will inhibit anything like this from happening. It is worth the extra money to pay for a cannabis CPA expert to do your taxes so you will not have to deal with an external auditor. Although you can still be audited, you will be prepared and ready to show the auditors correct documentation.
Cannabis CPAs don’t miss any details and nuances. Cannabis business tax planning and preparation consultants follow a step-by-step procedure to ensure that your books are organized and correctly reflect the operations of your company.
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The information contained in this website is meant only for guidance purposes and not as professional legal or tax advice. Further, it does not give personalized legal, tax, investment or any business advice in general. For professional consultation, please sign-up for our services. GreenGrowth CPAs disclaims any and all liability and responsibility for any and all errors or omissions for the content contained on this site. Please review our privacy policy here.