The deadline to file income taxes is right around the corner. For many businesses, deductions on things like labor and rent help to keep tax bills low. But that’s not the case for marijuana dispensaries in states that have legalized medical or recreational use.
Having passed its third and final reading in the Colorado House, Senate Bill 19 now only awaits the Governor’s signature. The bill allows same-sex couples residing in Colorado and married in one of the 17 states and the District of Columbia where same-sex marriage is legal to file joint state taxes.
Gratuity included? A new IRS rule could end, or at least curtail, the practice.
The Internal Revenue Service will soon begin classifying automatic gratuities as service charges that are taxable as regular wages and subject to payroll tax withholding. Currently, they're considered tips, and it's up to the wait staff to report them as income.