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Tax deductions for grow rooms

  • Thread starter Thread starter spidermite king
  • Start date Start date Jan 31, 2012
  • Tagged users Tagged users None

Tax deductions for grow rooms

spidermite king Jan 31, 2012 25 Replies 3,714 Views
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cannarado

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#21
T1420 said:
ME!!!!:banana1sv6: Fattest juciest strawberrys ever ate!!
Click to expand...

I have some super hot peppers in my grow under 4000hps. Will put them outside in may
 
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N

norm

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#22
lol funny responses.

I would love to write off the thousands of dollars of gear I buy yearly!

heres the knowledge I will give you. what your saying makes no sense.

and dont try it.

but hey I gotta love the attitude
 
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Motarebel

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#23
Don't caregivers have to report their income? As a union worker i got to claim any tools,clothes,supplies, even traveling expenses if i travelled over 28 miles. It's a buisness expense and being a caregiver is a buisness according to our state right? I don't think it's that far fetched to think a caregiver should be entitled to some tax breaks.
 
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Capulator

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#24
You are definitely entitled to tax breaks. If you run as a caregiver (collective), then you have to 1099 yourself and technically you are considered a subcontractor when it comes to that, and you can write off all kinds of shit.

With personal taxes though, no way. You can only write off things like interest on your home loan. You cant write off a bunch of equipment.

I would do exaclty what tex says. open a business as a horticulture consultant. Keep track of all of your expenses (equipment, gas, meals, etc). Keep track of sales as "consultation services". By calling it a service, you are not liable for sales/use tax, because you are not selling a product, you are selling a service. Deposit your money as usual ( offset your expenses so you dont show a huge profit= less taxes to pay). Or pay your taxes on all money coming in... the american way.

Do not write off an unreasonable utility expense. Write off equipment and then your clients can reimburse you for it.
 
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T

T1420

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Feb 2, 2012
#25
Exactly its all in how you look at it and how they'll look at you for your expenses.. Horticulture of any kind would account for the nutrient cost or whatever is yer draining you...like electricity.. Gotta play it like the big dogs, even get zoned commercial, or agricultural where yer electricity rate drops. You will be classified on how you present what you do.. Me I'm a organic vegetable farmer and my tomatoes and peppers absorb the costs.. Just keep it simple. I think anyones a fool or got huge balls of steel if they even attempt to tell the IRS theres reason to believe that you COULD be avoiding taxes somehow.... Grow food bro, keeps it simple simon.:character0053:
Capulator said:
You are definitely entitled to tax breaks. If you run as a caregiver (collective), then you have to 1099 yourself and technically you are considered a subcontractor when it comes to that, and you can write off all kinds of shit.

With personal taxes though, no way. You can only write off things like interest on your home loan. You cant write off a bunch of equipment.

I would do exaclty what tex says. open a business as a horticulture consultant. Keep track of all of your expenses (equipment, gas, meals, etc). Keep track of sales as "consultation services". By calling it a service, you are not liable for sales/use tax, because you are not selling a product, you are selling a service. Deposit your money as usual ( offset your expenses so you dont show a huge profit= less taxes to pay). Or pay your taxes on all money coming in... the american way.

Do not write off an unreasonable utility expense. Write off equipment and then your clients can reimburse you for it.
Click to expand...
 
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T

T1420

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Feb 2, 2012
#26
Kinda glad my record keeps me from being a caregiver, and gettin on that Income list... have a feelin they'll be messin with that soon... But in black n white it's there that you COULD be evading taxes.... Thats what its all about, the taxes they think they should or could be collecting. The IRS is a vicious machine that will have NO mercy when it comes to evaded taxes, remember capone?? all they could prove is he evaded taxes, nothing else. But Tex is right if your business plan is spot on there will be no speculation, once again, if ya claim being a pot grower/supplier for someone, they could come at you 2 years later after your grave is dug deep enough... Just ask harborside. I prefer to be more creative in better ways with the laws, Been there, done that n could've been being pumped sunlight for years so make sure you know what yer doin before you admit to the IRS anything, the Only comfort I feel is knowing My state issued license covers me n my 12 plants locked behind door 6 the other are property of who's name is on the paperwork, per door per lock.. I help people have what they could not due to many reasons, but I do what I do to help others survive just like me.. Just figured it'd be easier to lease rooms than to be on paper anyway, and I have something to help me from gettin sucked into a problem. I hope people are really smarter than that, being it's classification, it removes all abilities to write anything off!! Even though I agree there should be a right to claim the cost.
 
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Thread info

Replies 25
Views 3,714
Started Jan 31, 2012
Latest post Feb 2, 2012
Starter spidermite king
Forum Medical Club

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