During 2018, the Maine Legislature passed two Bills dealing with the future of marijuana business in Maine that are to become effective this week. Both are designed to end the wild west nature of the industry but they have very burdensome tax and operating rules. This...
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JamieBoulette
Thinking of starting a cannabis business in Maine? New laws will keep you on your toes. PART I: New Rules
During 2018, the Maine Legislature passed two Bills dealing with the future of the marijuana business in Maine that are to become effective this December. Both are designed to end the wild west nature of the industry but they have very burdensome tax and operating...
Where Does All Our Money Go?
This weekend, I had two things to accomplish; get my tax return in order and begin to shop for a new truck. Given that this is a very busy time of the year for me, I decided to quietly shop on-line for that new pickup while she got all of her tax documents together....
Tax Cuts & Jobs Act Is Good For Business
As I write this article, Congress is about to vote on major corporate tax reform, namely the “Tax Cuts and Jobs Act”. Supporters of the bill believe that corporate tax reform will more readily allow US corporations to keep taxable earnings in the US and that those...
Time is running out to make your state income tax payments and still be provided a deduction on your Federal income tax return.
Unless you have been hiding under a rock, you are aware that both the House and Senate have passed legislation to update the tax code. Both plans are calling for a repeal of the deduction for state and local income tax expense. Although we are not yet sure of the...
Marijuana Sales and the Monster Hiding in the Tax Code –How To Minimize the Damage of Section 280E
Marijuana is currently legal in some form in 30 States, Washington DC, Guam and Puerto Rico. It is quickly becoming a major economic driver in many states as reflected in Colorado. Through September, the Cannabis industry in Colorado alone has surpassed the...
Will Taxes Mean the End of Marijuana Reform?
Last November, Maine voters approved the legalization of recreational marijuana. Since then, entrepreneurs in the industry have begun gearing up now for what will become a real growing frenzy. Warehouse space is being gobbled up by speculators looking to participate...
Business Owners: On Your Mark, Get Set, Go!
The start of the New Year marks the beginning of the IRS informational reporting season that will keep most business owner’s heads spinning. None are overbearing or difficult unless, of course, you don’t get them right the first time. Failure to correctly file W-2...
IT’S BETTER TO GIVE THAN TO RECEIVE
Since moving to the Mid-Coast area a few years ago, my wife and I have been called upon many times to help a number of local charities. We are very strong believers that it is our obligation to make our community stronger during our brief stay in this wonderful world...
THE MANY FACES OF TAXABLE INCOME: GAMBLING & LOTTERY WINNINGS
Code Section 61 defines gross income, “except as otherwise provided,…gross income means all income from whatever source derived,” Regulation 1.61-1 further states that Gains from wagering transactions are included in gross income. I suspect that most households...
WHO SHOULD PREPARE MY TAXES?
If you read my last blog on Getting Organized for Tax Time, you remember that over 150,000,000 Americans will file a tax return this year. Tax preparers and software vendors will dominate advertising space over the next few months. They want to convince you that...
Getting Organized for Tax Time
“…in this world nothing can be said to be certain, except death and taxes.” Benjamin Franklin. Though Mr. Franklin understood clearly that paying taxes was a certainty, he could not have imagined just how complex tax filing would become. The U.S. tax code is a...
Protecting Americans from Tax Hikes Act 2015 – Its effect on the Timber and Wood Products Industries.
Kudos to congress for passing legislation and protecting the timber industry from a bevy of tax increases. Importantly, the Act extends, and in some cases makes permanent, many provisions that will allow businesses more tax savings opportunities. The PATH act, signed...
Who Really Pays Their “Fair Share” of FICA Tax?
After recently hearing political candidates argue over Social Security taxes and vowing to make sure that everybody pays their “fair share,” I thought I would dig into the matter a little further. For some background on Social Security The Social Security Act was...
Your choice of entity can make a difference…
Each type of entity, S-Corp, C-Corp, Partnership, and LLC has its own pros and cons…