Taxes and writeoffs

jayjay777

jayjay777

Well-Known Member
So I've taken my hobby and life savings and created a startup business/production facility. What they didn't tell me was I cannot write anything off. No electric, equipment, bulbs, nutes, NOTHING!!? So this means for instance. Say I make $100, I have to give the state $40 first. Then out of my remaining $60 I must pay my electric, employees, expenses and so on.

This sounds wrong. I'm going to consult with an accountant and look more into it.
But your input is really appreciated.

Peace Love n Respect

Jay
 
macsnax

macsnax

Well-Known Member
Right, wtf? Run all your numbers and find where you can cut expenses to make up for it. Incorporate what your doing and then incorporate a sister company of your own, maybe you'll find a few loopholes?
 
vostok

vostok

Well-Known Member
in the east I'm still being bled 25-35% of my return on 'security'

that includes 'staff', graft, tips and tricks, and cartage

fucking exhausting doing it urself, and it never gets cheaper

I'm against legalization more so since being on RIU

the only advantage to me is tidier books and less graft

so long as greed rules, I'll keep paying

good luck
 
Los Reefersaurus

Los Reefersaurus

Well-Known Member
jayjay777 said:
So I've taken my hobby and life savings and created a startup business/production facility. What they didn't tell me was I cannot write anything off. No electric, equipment, bulbs, nutes, NOTHING!!? So this means for instance. Say I make $100, I have to give the state $40 first. Then out of my remaining $60 I must pay my electric, employees, expenses and so on.

This sounds wrong. I'm going to consult with an accountant and look more into it.
But your input is really appreciated.

Peace Love n Respect

Jay
Click to expand...
Then charge more $, or be content that you get to grow pot for a living, or go sell used cars

White people problems OMG

Ok that sounds pithy, your problems are valid, you are really blazing a new trail, let us know what your accountant comes back with
 
Lucky Luke

Lucky Luke

Well-Known Member
jayjay777 said:
So I've taken my hobby and life savings and created a startup business/production facility. What they didn't tell me was I cannot write anything off. No electric, equipment, bulbs, nutes, NOTHING!!? So this means for instance. Say I make $100, I have to give the state $40 first. Then out of my remaining $60 I must pay my electric, employees, expenses and so on.

This sounds wrong. I'm going to consult with an accountant and look more into it.
But your input is really appreciated.

Peace Love n Respect

Jay
Click to expand...
Its called due diligence.

And yes that suxs balls. But your Accountant, Banker and Solicitor should always be involved from stage 1.

As a business owner ur about to do allot of unpaid hrs.
 
Last edited:
theslipperbandit

theslipperbandit

Well-Known Member
Im Irish.
Trust I know. But isnt rasta a religion? Pots like holy to them so maybe u could try n find a loop holw in that? Just a quick thought but not being able to claim expensives and qrite offs is ridiculous
 
jayjay777

jayjay777

Well-Known Member
Yeah that's how it works. I was just shocked to learn the hard way. But I'm confident it'll be ok. I average 1.75 a light atm. But regardless it's worth the piece of mind going legit. Plus it's not like I worked hard for my savings, my girls did lol...
 
jayjay777

jayjay777

Well-Known Member
Got putting up 48 lights and 18 tons of Ac. Two rooms. Each with a 4 & 5 ton split. Had to do it this way so I could get a heat pump in each room. The units I went with only had heat pumps on the 4 ton models. But it'll be enough ac for my area.

I'll post some pics once we fill the room.
 
You must log in or register to reply here.
Top