So, what amount am I looking at making in a year (as a caregiver) for tax purposes if I have 5 patients total? Approximately?
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So, what amount am I looking at making in a year (as a caregiver) for tax purposes if I have 5 patients total? Approximately?
none. you must be none profit.
You must be making something somewhere otherwise nobody would be doing it?
you must be breaking even. that's the rules. Unless you are an MMC or infused products manufacturer working under license, you may not make a profit according to the law formerly known as HB1284. MMC's (dispensaries) are not allowed to purchase from you. All of your sales must be to your patients, and you may not charge more than it costs you to produce.
you may charge for other caregiving services..
personally, though I think the situation sucks! but I would grow if I could never sell a gram for the rest of my life.
I think I get it. So, I can sell 2 ounces of meds at a time to my patients, but I need to deduct all the expenses so it shows I have made nothing from the sale. But, technically, on top of that I can charge "caregiver services" to make a little profit. Am I doing well yet?
that's the way many have talked of doing it. Your original Q said for tax purposes :jointsmile:
Actually, the way the Denver City Council interprets that is way different. There's nothing that says non-profit in 1284.
So you can charge for labor (whatever you feel like paying yourself), the portion of your home you use based on rent, etc etc.
Just hope you don't live somewhere that's banning caregivers.
I am in southeren Colorado so I don't think it has hit down here yet.
Right, I was pretty much asking about how to do my books when making money to be on the up and up with the state and when doing taxes at the end of the year. Thank you, you have been very helpful. :thumbsup:Quote:
Originally Posted by copobo
So, for the next five years my books are going to show I've made nothing and the IRS isn't going to come knocking on my door because I'm doing this out of the goodness of my heart? The government doesn't believe in "goodness of the heart". :(
you should talk to an mmj attorney or tax professional..