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Many cannabis businesses struggle to increase profits because of tax liabilities. The IRS requires that income be reported from whatever source it stems from. So, even though marijuana is still classified as an illegal substance under federal law, if you sell it, the U.S. government wants their cut which can be pretty high. Without an experienced accounting firm on your side, you could lose a lot of your profits to taxes. Turn to New Leaf EA, Corp for tax services designed to reduce taxes for the cannabis industry. We’ll show you how to maintain compliance and develop strategies that save money on taxes and protect your business.
When you work with our cannabis accounting firm, we’ll make sure your business takes advantage of every allowable deduction under current tax guidelines. We understand how to determine what expenses can be deducted as Cost of Goods Sold and identify opportunities for tax savings within the confines of Section 280E. If your business gets audited, you can count on us to prove that your deductions were legitimately allocated and defend your tax practices with the auditor.