Are you looking for a way to diversify your IRA? While stocks and bonds are popular investments, you might consider investing in real estate to generate extra income. Many individuals view real estate as an intelligent, long-term investment that protects portfolios against market volatility and inflation.
One comment we hear very often from cannabis business owners after their first year of business is “We did not make much money in our first year of business (or we had a loss), so the taxes are not too complicated. We can either file them ourselves this year or use our regular accountant for one more year and then switch to a cannabis accountant later.” This could not be further from the truth….
The vast majority of Americans save for their future through IRAs and employer-sponsored 401(k) retirement accounts—and for good reason. These professionally administered, tax-advantaged accounts make it easy to grow your nest egg through a variety of traditional investments. But have you ever wondered about investing your retirement funds in something else, like real estate? ...
Dealing with finances is not exactly one of the most fun aspects of running a business. Even so, detailed financials are vital to your success. Just like any other business in the US, your cannabis or hemp business needs to have accurate, up-to-date financial information. Here’s how it can benefit you. Make the Loan Process Easier If you want to apply for a business loan, you need to have your financial information in order. While requirements vary by lender, the information...
The IRS recently released guidance saying businesses participating in the Paycheck Protection Program should refrain from deducting certain expenses from their annual tax returns. Here, you’ll learn everything you need to know about the tax consequences of accepting PPP loans from the government. Paycheck Protection Program Basics As part of the CARES Act, the government passed the Paycheck Protection Program to help eligible businesses continue to pay for expenses like...
With at-home and limited travel restrictions that are in place across the country due to the COVID-19 pandemic, business owners are facing new challenges to keep their operations running smoothly. From remote working situations to daily video meetings and conference calls with staff and clients, the current work landscape is unfamiliar to many. One key trait of many successful entrepreneurs is the ability to be flexible and adapt to these types of situations.
As you begin researching options for structuring your new cannabis business, you’ll likely notice that a lot of cannabis companies decide to become “C-corps.” That’s because a C-corp gives you more opportunities to separate your personal and business finances.
On March 27, 2020, the Coronavirus Aid, Relief Economic Security Act (CARES) was signed into law. One section of this $2trillion stimulus package authorized Economic Impact Payments (stimulus checks) to be issued in an attempt to provide a temporary boost to the economy that has currently been impacted by the spread of COVID-19 and the resulting business closures....
As everyone is starting a very crazy and unfamiliar week with everything happening in the world, there has been a lot of talk over the last few days about a possible extension of the April 15th tax deadline. What has not been covered anywhere that i have seen or read, is the tax deadline that is in effect for TODAY, March 16th.....
As part of the cannabis industry, you’ve probably heard rumors about the end of IRS Section 280E. Plenty of people in the business have been expressing optimism or even certainty lately that the rule is on its way out. But before you start counting on that, get the facts.
