December 6, 2019
As public opinion over marijuana use has shifted over the past 4 decades, so has law surrounding it. Two-thirds of Americans say the use of marijuana should be legal, reflecting a steady increase over the past decade, according to a new Pew Research Center survey.
Michigan legalized recreational marijuana use with a ballot initiative effective December 2018. The initiative laid out a 10 percent excise tax. Localities can also levy an additional tax, mostly as an excise tax on retail sales.
Learn more about the corporate income tax, flow-through withholding tax, and individual tax in Michigan.
There are tax pitfalls for being a cannabis business owner. Because marijuana is federally prohibited, business owners have to report financials like a business that is trafficking in a controlled substance. It is very different than for state purposes.
Since marijuana is illegal under federal law, cannabis businesses in the United States still pay federal taxes on gross income.
And, by law, cannabis business owners cannot claim any deductions or credits for business expenses, so the tax rate can run up to 90%.
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There’s no better time to talk about goals than the start of a new year. And what better topic than your career? The following are a few tips to help you set reasonable and achievable goals this year:
Millions of people are unaware of and uninformed about how their personal information is being used, collected or shared in our digital society.
In tax year 2018, forms 1040-EZ and 1040A were discontinued. In order to streamline the tax filing process, the IRS overhauled the 1040 form and most filers moved to use it.