2019 Cannabis Business Tax Checklist
January 26, 2020|Cannabis Culture
Our guide will help you as you begin to prepare your 2019 cannabis taxes.
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Gathering the below information will put you on the path to filing your cannabis taxes successfully.
Miscellaneous Documents & Information (if applicable)
☑ Tax Returns for prior 2 years
☑ Copies of sales, excise, & local tax returns
☑ Cash handling log
☑ Monthly bank statements
☑ Articles of Incorporation
☑ IRS issued EIN
☑ Sellers permit number
☑ Balance sheet
☑ Profit and loss statement
☑ List of business owners & % ownership
☑ Social security numbers of each owner
☑ Building information – lease & tenant improvement
☑ List of new assets purchased + receipts
☑ QuickBooks login info
☑ POS login info
☑ Inventory tracking software login info
☑ Loan/funding documents
Income
☑ Gross receipts – THC vs. Non-THC
☑ Returns and allowances
☑ Business checking/savings account interest (1099-INT)
☑ Other income
Cost of Goods Sold
☑ THC Purchases
☑ Non-THC purchases
Expenses
☑ Advertising
☑ Bank charges & finance fees
☑ Commissions/fees
☑ Contract labor (1099-MISC and 1096)
☑Computer & Internet
☑ Health insurance
☑ Other insurances
☑ Interest expense (mortgage + business loan)
☑ Meals & Entertainment
☑Office supplies
☑Rent (Building, business vehicles, equipment)
☑Utilities
☑Repairs & maintenance
Misc. Supplies
☑Taxes paid
☑Licensing fees
☑Transportation & travel
☑Wages paid to employees (W-2 & W-3)
☑Payroll tax returns
☑Employee benefits
☑Other expenses
Discover how to lower your cannabis taxes today.