IRS Code 280E

If you own a marijuana business, then you are definitely going to have problems with IRSCode 280E.  According to this section of the law, cannabis business owners are not allowed to make tax deductions just like normal businesses.  There are a number of exceptions through which the government and law makers try to extract as much as possible from these businesses.  But there are still ways in which marijuana business owners can reduce the risks and pay the minimum amount in taxes. 

Having a professional by your side during IRS Code 280E analysis is very important.  If you hire a professional accountant or CPA, you will be able to benefit a lot.  The risk that comes with this section of the IRS Code varies from business to business.  Marijuana businesses are at most risk and end up paying more in taxes than regular businesses.   But by seeking help from the right professionals, it is possible to manage your risks and determine the tax liability before the taxation year ends.  Accounting professionals who have vast experience offering their services to clients in this industry can help with analysis and strategic planning.  When you have professionals working for you, you don’t have to deal with the IRS Code 280 E alone.  

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