Quote Originally Posted by hiamps
So if you run a dispensary like a business and pay your state taxes, wouldn't you then HAVE to file a return? If you file a return then the Feds would step in...Seems the State is wanting to get the Feds involved. But how will that help the State make money?
You could and legally should file an income tax statement for the business. And like whats been stated here you don't have to disclose on your tax form what your selling. The problem is you can't really show a receipt for products purchased because federally its illegal. So you have to be good at creative bookkeeping to keep your profits down. And all this is assuming that at some date you maybe audited by the IRS.