Señor Tortuga
New Member
Hey everybody, I moved to they bay area a few months ago and I got my rec from my doc. I wanted to know how other vendors report their income on their federal returns? I've heard many things ranging from reporting it on line 21 to reporting it on schedule f. I'm growing from my apartment and I'm pretty sure the IRS would audit me in a heartbeat seeing as how I don't own a farm. I'm not interested in any laundering schemes as I want to be completely honest on my taxes. I'd like to vend so I can start paying off my student loans so everything needs to be legitimate. I know that 280E prohibits any business deductions on tax returns but does anyone know if that only applies to dispensaries? Would I still be able to claim a standard deduction on my income tax if I don't try to write off my growing expenses? Any info would be awesome.