Cash Crop??

mindatlarge

Member
I have an idea and am seeking input from all my fellows out there...

I was thinking about the best way to keep things on the table with $$ and keeping things legit. For example, a pseudo-business on the books; on the record so that one can show their taxable income including anything one makes off of their crop **when they recover their costs with a dispensary**
i.e. to get a home loan, one must show proof of income. To buy a car, you write a check for the down payment that comes from your checking account, all legit. Get my drift? Or am I dreaming?

I was planning to call my CPA, but I have found that experience is the best teacher. All those who are experienced welcome to reply.
Cheers!
 

tinyTURTLE

Well-Known Member
I have an idea and am seeking input from all my fellows out there...

I was thinking about the best way to keep things on the table with $$ and keeping things legit. For example, a pseudo-business on the books; on the record so that one can show their taxable income including anything one makes off of their crop **when they recover their costs with a dispensary**
i.e. to get a home loan, one must show proof of income. To buy a car, you write a check for the down payment that comes from your checking account, all legit. Get my drift? Or am I dreaming?

I was planning to call my CPA, but I have found that experience is the best teacher. All those who are experienced welcome to reply.
Cheers!
isn't what you are describing known as money laundering?
 

mindatlarge

Member
Sort of like that, but I don't know that one even needs a certain business or front to hold onto their cash. It's a cooperative thing, I know, but it's sort of a cannabis business related question.
 

Tom Farmer

Active Member
Al Capone went to prison because of tax evasion.

Find me someone who paid income tax and then was sent to prison for what they reported on their tax forms.

Tom
 

mindatlarge

Member
Al Capone went to prison because of tax evasion.

Find me someone who paid income tax and then was sent to prison for what they reported on their tax forms.

Tom
On board with that. Just didn't know if federal government is prepared for the money people do or don't pay for their grow show cost recovery....don't potheads want to pay their taxes? What about how it's federally illegal still?
 

tinyTURTLE

Well-Known Member
so, we should want to pay taxes to the government for money we make on a commodity they keep illegal?
Han solo would want to sit you down and talk to you about this.
 

mindatlarge

Member
so, we should want to pay taxes to the government for money we make on a commodity they keep illegal?
Han solo would want to sit you down and talk to you about this.
[laughs sheepishly]. I wouldn't want to pay taxes, especially on something they keep illegal and don't believe in as much as others...should just run game like Han Solo
 
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