So how do I claim taxes on the money I've made caretaking?

[SensiSoulJah]

So, I know what most of you are going to say. Why the fuck would you claim taxes on cash that you were paid; I'm sure there will be a response saying "fuck the government don't give them anymore than they already got". Yea yea, I already know all that.

I made roughly 60k basically being partners working on my friends garden last year. I helped grow the product, which he in turn donated to a few clubs and received compensation for his donations...

So I made the mistake of putting that money into a bank account, and now there is a record of me having it. How do I claim cash money, with no receipts of me receiving it for my caretaking work (I'm a legal 215 patient in california)? No check stubs or anything like that... I was paid in cash. Has anyone had any experience with a situation similiar to this one? Any replies are greatly appreciated, thanks guys

 

[Metasynth]

Gambling winnings, you're gonna lose about 30% You really deposited like 60k cash? They have tax forms at dispensaries, your buddy didn't claim anything either? Hmm...I dunno, I'd say since poker is legal in Cali, i'd claim it as poker earnings and bite the bullet, give the gov their 30%

 

[Fungus Gnat]

http://www.irs.gov/newsroom/article/0,,id=175963,00.html

 

[collective gardener]

Your buddy should have recieved an IRS 1099 form from the dispenaries he sold the meds to. Then, he should have sent you an IRS 1099 form for the money he payed you. This is so he won't be taxed on the portion of the money he paid to you. A 1099 form is for "non employee compensation". These are the forms that rule the medical marijuana industry. You can just claim the money as income. The IRS does not give one fuck where you got it...as long as you pay taxes on it. If it were 3 million bucks, different story. You'll pay self employment tax on it (15%) and income tax (whatever your bracket is). No one is going to come asking where you got the money.

In the future, as a rule don't ever deposit cash unless you know there is a 1099 coming reflecting that cash being paid.

 

[$Mike$]

Damn man...you have to be smarter than that dealing with $60k. Congrats on being able to count that much cash..your product is doing something right.

 

[WWW.HASHBERRY.ORG]

i don't like giving up my secrets but.... you should find a cool accountant..."hollywood business center" goggle it, they are down with mmj

 

[WWW.HASHBERRY.ORG]

So, I know what most of you are going to say. Why the fuck would you claim taxes on cash that you were paid; I'm sure there will be a response saying "fuck the government don't give them anymore than they already got". Yea yea, I already know all that.

I made roughly 60k basically being partners working on my friends garden last year. I helped grow the product, which he in turn donated to a few clubs and received compensation for his donations...

So I made the mistake of putting that money into a bank account, and now there is a record of me having it. How do I claim cash money, with no receipts of me receiving it for my caretaking work (I'm a legal 215 patient in california)? No check stubs or anything like that... I was paid in cash. Has anyone had any experience with a situation similiar to this one? Any replies are greatly appreciated, thanks guys

hit up the "hollywood business center" they are cool with weed and they do all kinds of taxes.

 

[Gastanker]

Self employed computer IT workers can make 60k a year and often do enough work from various people that they don't require a 1099 form from each - You only need to 1099 for something like $1,200+ per client. They simply fill out a self employment form and state the amount they made as an independent contractor. They will want you to pay quarterly taxes in the future but that's a small thing.

 

[Negrodamus]

Gambling winnings, you're gonna lose about 30% You really deposited like 60k cash? They have tax forms at dispensaries, your buddy didn't claim anything either? Hmm...I dunno, I'd say since poker is legal in Cali, i'd claim it as poker earnings and bite the bullet, give the gov their 30%

It'd be cheaper to go somewhere like H&R Block and have them find the right solution for you. Heck, even a freelance accountant.

 

[$Mike$]

Self employed computer IT workers can make 60k a year and often do enough work from various people that they don't require a 1099 form from each - You only need to 1099 for something like $1,200+ per client. They simply fill out a self employment form and state the amount they made as an independent contractor. They will want you to pay quarterly taxes in the future but that's a small thing.

I like your suggestion.

 

[Toss&Turn]

Are you asking about laundering money or filing legitimatly? Filing legit, you will need a list of all your expenses (ie. the cost of your uniforms and the cleaning/mending/repair of said uniforms. The cost of the books/magazines that you read for knowledge about your profession. The cost of the office space/computer/tools used. Etc, etc. etc). You will need to pay Self Employment taxes along with Federal, State, and depending on the city, Payroll Taxes. I don't know about the caretaker field so I don't know if you need certification or business licenses As an accountant, I do know that most people fail to realize that before one begins any type on business one should consult two professionals...an attorney and an accountant. A rough extimate will be 15%. In other words, your total tax bill for the $60,000.00 will be $9,000.00. But to ease your concerns, a tax accountant is recommended. By the way, the accountant's fees are also a business expense...but he/she will tell you that.

 

[silasraven]

Gambling winnings, you're gonna lose about 30% You really deposited like 60k cash? They have tax forms at dispensaries, your buddy didn't claim anything either? Hmm...I dunno, I'd say since poker is legal in Cali, i'd claim it as poker earnings and bite the bullet, give the gov their 30%

why would you want to? i think i understand the legal crap with massive amounts of cash. but is it that hard to keep under raps?

 

[themanwiththeplan]

next time. buy a safe! or go to vegas. pay in cash for chips...play a lil while then cash out as casino winnings