Tax Planning Services

cannabis tax services

The IRS doesn't make taking tax deductions easy for cannabis businesses. Since marijuana is classified as an illegal substance under federal law, many typical deductions for small businesses are off-limits. To minimize tax liabilities and maximize profits, you need help from an accountant that knows the tax regulations for the industry in and out. At Smoky Mtn Cannabis Advisors, we specialize in tax planning for cannabis industry businesses. We help all types of marijuana businesses control taxes, increase revenues, and beat tax problems.

When you work with our cannabis CPA firm, we’ll make sure your business takes advantage of every allowable deduction under current tax guidelines. We understand how to determine what expenses can be deducted as Cost of Goods Sold and identify opportunities for tax savings within the confines of Section 280E. If your business gets audited, you can count on us to prove that your deductions were legitimately allocated and defend your tax practices with the auditor.

Find out how to maintain compliance while saving money on taxes and protecting your business. Call us today at 423-243-2653 or request your free consultation online now.

Cannabis tax compliance services:

  • Section 280E compliance
  • Federal and state tax return preparation
  • Prepare and file Tennessee sales tax returns
  • Guidance on properly allocating expenses
  • Sales and use taxes (for equipment and supply purchases)
  • Business and individual income tax preparation
  • Tax audit representation