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Deductions & credits
The code is not very important, so don't worry about it.
However, are you aware of the ins-and-outs for taxes for a marijuana business? Currently, Federal law prohibits any deductions on the Federal return other than Cost of Goods Sold. So that would be your only deduction on the Federal return. But assuming it is legal in your State, most likely you are able to take other business deductions on your State return. Generally, it best to go to a tax professional that knows the ins-and-outs of such a business.
‎October 11, 2020
7:15 AM
3,477 Views