Marijuana Tax Consultants
Tax Consultants for Marijuana Products - (888) 628-0334
Marijuana is a new and growing industry throughout the country and all over the globe. Over the last several years many states have legalized the use of marijuana for recreational and medicinal use. To date marijuana is legal for recreational use in Colorado, Washington, Oregon, and Alaska. Marijuana remains illegal under federal law and this discrepancy has created a host of issues. From a state tax perspective, states have taken advantage of marijuana users by heavily taxing its use. In the fiscal year ended June 30, 2015, Colorado collected some $70 million in marijuana taxes. Colorado taxes marijuana at both the wholesale (15%) and the retail level (10%).
When you factor in the tax on the producer’s sale to the processor, the processor’s sale to the retailer, and the retailer’s sale to the consumer, Washington has a sizeable 44% tax rate on marijuana use. Other jurisdictions such as Alaska (21%) and Oregon (15%) are also starting to see tax revenue from marijuana as well.
Unlike most tobacco products, cigars, and cigarettes, marijuana has a very different supply chain. For that reason, states are having a difficult time accounting for and managing the tax process. While most tobacco products are taxed at the wholesale level, both states have structured their taxing schemes to impose the tax on the wholesaler AND THE RETAILER. For the first time in these states, retailers will be forced to file returns on marijuana they just aren’t used to dealing with. Keep an eye on your state as it could be next.
It is important to understand the taxing scheme for your state as each state can be very different. As the law continues to change, it is critical to have an experienced marijuana tax consultant to assist. Many states often have loopholes for items like marijuana which can be exploited to obtain large refunds.
Some reasons you may be entitled to a refund include:
- Change in laws
- Destruction of tobacco property by natural disaster
- Error in calculations
- Overpayment of taxes
Whether you are a small business or a global corporation, we are equipped to handle refund claims of all complexities.
Get a FREE cigar tax refund consultation: (888) 628-0334.
Personalized Guidance Throughout the Marijuana Tax Refund Process
We understand that the tax refund process for marijuana taxes is not simple. In fact, they are confusing even for most tax professional. But at Tobacco Tax Refund, Inc., we deal specifically with marijuana and tobacco tax refunds every single day. We know the administrative procedures inside and out, from the paperwork to how to approach your state's tax authorities. We work hard to make sure you are able to put money back into your business
We can help you through the refund process by:
- Reviewing all your pertinent tax returns and information to determine if you are due a refund.
- Gathering and filing all the necessary paperwork.
- Communicating with the respective state agency to finalize your refund claim.
We are ready to represent clients all across the U.S. Our team of tax professionals has an in-depth understanding of each state's cigar tax laws and refund procedures. Trust in our over 50 years of collective experience and over millions of dollars in refunds recovered for our clients.
Call us today at(888) 628-0334 for help navigating marijuana tax laws.