Testimonials

  • Six years is a LONG time not to pay taxes, and I knew better. I just thought that if I filed some years without paying then the IRS was going to come after me.
  • The fact that I found you on the radio is a true testament to the fact that there is a God who watches over us...
  • When it comes to IRS representation, there are the men and there are the boys, and Travis Watkins is "the man" if you have witholding issues...
  • I visited with another lawyer before I came to see Travis Watkins. I got this heavy salesman feeling, like I just walked on a car lot...
  • I was recommended to Travis Watkins by my son, Michael, an excellent attorney himself in OKC...
  • I hired another firm before hiring the Law Office of Travis Watkins. Big mistake...

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Recognition

Dispensers of Medical Marijuana Set Up For a "High" Tax Bill

When it comes to reporting business income on a tax return, utilizing all applicable deductions to help offset tax is always advantageous. But what happens if a person's business income involves selling controlled substances such as marijuana? The rules of the game are completely different. A person who sells a controlled substance is required to report that income on his tax return, but yet is not allowed to deduct any of the costs, even if it is sold for medicinal purposes. Therefore, if a dispenser of medical marijuana follows all of the rules, he is set up for a high tax bill. This holds true even if living in a state where it is legal to sell marijuana for medicinal purposes...still can't deduct it. Similarly, a person who purchases medical marijuana for medical reasons cannot deduct it as a medical expense, even if doctor prescribed...yes, it appears the IRS is just against marijuana regardless of its use or legality in its state. Take a look at my blog for more on this issue.