Listing Income on Taxes

Tatot69tot

Tatot69tot

Member
Im in the process of self preparing my taxes. I live in a medical state and make money from growing. I want to claim this money on my taxes under miscellaneous income. What should I call this income? I dont want to put cannabis cultivator. Should I put indoor gardening or something like that? The amount is more than 10,000 but less than a 100,000.
Im not interested in any scam or fraud, I just want to pay the IRS, and keep them off my back.
 
UncleBuck

UncleBuck

Well-Known Member
Tatot69tot said:
Im in the process of self preparing my taxes. I live in a medical state and make money from growing. I want to claim this money on my taxes under miscellaneous income. What should I call this income? I dont want to put cannabis cultivator. Should I put indoor gardening or something like that? The amount is more than 10,000 but less than a 100,000.
Im not interested in any scam or fraud, I just want to pay the IRS, and keep them off my back.
Click to expand...
"day laborer"

"bartending tips"

i';m sure you can think of a few more that will not set off any flags as cash income.
 
Johnny Vapor

Johnny Vapor

Well-Known Member
What Texas jack said....., although in my experience (I have a business, employees, all that stuff)), my accountant does not ask for 1099's. You can probably report as much income as you like. The gov't. wants money. But in my case, the profession I list on my tax forms is not illegal.

Buck has a good suggestion, however, if you get all your income from selling the extra, it may or may not work,

However you put it, between 10K & 100K will be considered a SERIOUS AMOUNT of money. You may want to consult a friendly attorney as well.

At any rate, good for you for being concerned about this. I always relate the story to some of my big grower friends about how the US govt. finally made a case against John Dillenger back in the 1930's. Couldn't nail him for murder, bank robbery, etc., but they eventually did for income tax evasion.
 
Last edited:
bluntmassa1

bluntmassa1

Well-Known Member
Tatot69tot said:
Im in the process of self preparing my taxes. I live in a medical state and make money from growing. I want to claim this money on my taxes under miscellaneous income. What should I call this income? I dont want to put cannabis cultivator. Should I put indoor gardening or something like that? The amount is more than 10,000 but less than a 100,000.
Im not interested in any scam or fraud, I just want to pay the IRS, and keep them off my back.
Click to expand...
Yeah an indoor gardener making decent money lmao, horrible idea. Cannabis is federally illegal your going to want a front business to launder your money or do like me and spend that shit cause you may die tomorrow. :bigjoint:
 
Ventrue05

Ventrue05

Active Member
You buy and sale cars. Flipping cars with no title on your name. Or side jobs. Cutting lawns for cash. I worked for intuit support for folks who have cpa and need help, they call me for that help.Need anymore advise inbox me
 
D

deadgro

Well-Known Member
Tatot69tot said:
Hashed it all out with an accountant.
I'm not going to commit multiple felonies to hide growing what is state legal.
Click to expand...
I hope you didn't take any deductions or claim expenses. The NICS code/type of business doesn't matter unless there are excise taxes involved.
 
Tatot69tot

Tatot69tot

Member
I just wanted to say I did claim expenses, and nothing says I can't make a profit.
Certain expenses are allowable, such as costs to manufacture, but not mileage for distribution, but I'm not a tax professional, and it is complicated. The IRS has made a few statements about this in the past year.
 
R

Rentaldog

Well-Known Member
What sate are you in? In Colorado, without a license to grow for retail or medical shops you cant make any profit. Even as a caregiver you're only allowed to recoop your expenses from growing, and allow yourself an hourly rate for the time you put in from start to finish. Straight from a reputable lawyer :) hopefully helps someone.
 
S

superhigh3

Active Member
When I grew for profit (right or wrong) I made my money. Never put anything significant in the bank. Spent as I went and kept the excess stashed.

Granted at one point I was sitting on thousands in cash (not 10's of thousands) and it was a good system

All my bills were covered plus I seemed to have a bottomless cookies in the cookie jar (money)

Something says you're doing this on a bigger scale than I was.

Im also in a medically legal state fyi.

I wasn't against paying taxes on it but I was far to chicken to allow any state or federal agency to know I was making any profit from marijuana.

hey. im stoned.
 
Dr.Pecker

Dr.Pecker

Well-Known Member
I think its a bad idea. The IRS didn't know you made that money in the first place. They give you a blank form and you fill it out voluntarily providing all the information. Its federally illegal and you reported it to the feds. Anything over an ounce is a felony nation wide.
 
F

ForeverGreen42

Well-Known Member
I have a friend that is a "business consultant" and that seems to be working well for him. I would like to learn more in this area. Say your a caregiver, you are not legally aloud to profit, but of course that's not the way it works. My attorney told me to put down like $172.23 for a transaction instead of $200 to make it look like a legit reimbursement.

There are lots of good threads/ideas on here as far as how to go about things. Business consultant, mowing lawns, bartending, any cash business, but how do you go about it with confidence that you won't get fucked down the road? Can you talk to an attorney for advice and be open about everything? That's a little nerve wrecking to think about. Is there any good books to read on it?

There's a lot of truth being said about not paying taxes, but unless youve never paid taxes before, you can't go your whole life without them. Eventually the IRS will realize something is up.
 
Tatot69tot

Tatot69tot

Member
My only form of income is growing. Other than that I have bills and expenses just like everyone else, money has to come from somewhere.
Lots of people are less than honest on their taxes. Many people will never get caught.
Confidence that you won't get fucked?......I don't think it exists. One reason the compensation is high is because of risk. And just to be clear, this goes for all people who grow, not just someone who has no respect for the law. Just try and do the best you can do.
You can consult with a lawyer, or even a tax lawyer. They will give you their interpretation and advice. Although, there is no indemnity with the law.
 
You must log in or register to reply here.
Top