The cannabis industry must comply with accounting and tax challenges that most small businesses will never face. Strict sales tracking guidelines, confusing tax laws, and other struggles in this highly-regulated environment make running daily financial operations difficult, if not downright impossible.
Turn to High Life CPA for accounting and bookkeeping services specially designed to overcome these obstacles and help you grow a successful cannabis business. When you work with us, we give you more than dry financial data; we’ll show you how to use your numbers to control expenses, stay compliant with state and federal tax regulations, and make smart business decisions.
Our powerful accounting solutions will make managing your finances and maintaining tax compliance easier. We’ll help you implement best practices for handling cash, reconcile your seed-to-sale system, and solve operational problems. We’ll also guide you through allocating costs so your business optimizes deductions to lower your taxable income and reduce taxes owed.
cannabis tax services
As a cannabis entrepreneur, preparing your own taxes is a time consuming process that is risky and can lead to excessive tax liability. At High Life CPA, we work with individuals and cannabis businesses nationwide to legally reduce your liability.
Personal Tax Services
For high-income individuals, or those who are self-employed, mitigating your personal tax liability is important to preserving hard-earned wealth. Let the expert team at High Life CPA help ensure that you have the necessary paperwork and file the right forms.
Business Tax Preparation
Our team at High Life CPA prepares taxes for any sized cannabis business. Coupled
with our individualized tax preparation service, we ensure that the necessary forms are filled and filed, including sales and excise taxes, payroll taxes, and more.
Contact High Life CPA Today
Whether you are looking to file your self-employment tax, or need taxes filed for your business, contact High Life CPA. We provide comprehensive tax services to individuals and businesses engaged in the legal cannabis business nationwide.
cannabis tax planning
Make no mistake - tax planning for cannabis businesses is hard! Cannabis companies have to navigate a tax code in which federal law defines their product as illegal. As a result, the number of tax returns that are audited in the controlled substances space is significantly higher than most industries. Taking into account the very high tax burden for the cannabis industry, tax planning can (and should) impact all aspects of your business operations. Below are just a few of the ways High Life CPA helps with strategic income tax planning:
- Comprehensive 280E analysis
- Routine physical inventory counts
- Minimize year-end inventory to match demand
- Document employee activities in job descriptions
- Review your books and prior year tax returns
- Review entity selection and assets in the entity
- File IRS Form 8300 when required
- Sinking fund for quarterly tax payments
- Accurate records and proper documentation
- Prepare required Forms 1099 by deadlines
- Review your strategic floor plan
Discover the difference of working with a cannabis-specific CPA who understands your business! Request your free consultation to learn more.
Cannabis CFO Services
High Life CPA's CFO Services are the right solution for growing businesses that need professional financial advice but cannot afford a full-time Chief Financial Officer. These services are also a good fit for businesses that need to fill a current CFO role, but do not need someone onsite daily. Once a CFO is assigned to your organization, they will take the lead and work with you to help guide your business. In addition to the assigned CFO, you will have a dedicated team, so you’re not dependent upon a single person. Our CFO Services provides business owners professional strategic support at an affordable monthly flat fee.
Our CFO Services include:
- Short and long-term financial forecasting
- Development of key performance indicators and performance management
- Business advisor to management/CEO
- Strategic business planning guidance
- Managing banking and financing relationships
- Income tax strategy consulting
cannabis controller services
High Life CPA's Controller Service is a good fit for growing businesses that need professional accounting help, but cannot afford a full-time Controller. We pair businesses with an experienced Controller who helps complete historical financial reporting, trends, and benchmarks for your business, including measurement of past performance. Our Controller Services are a fraction of the cost of hiring a full-time Controller.
Our Controller Services provides:
- Recording of unusual/complex/large transactions
- Completing month-end financial adjustments
- Balance sheet account reconciliations
- Monthly financial analysis
- Facilitate monthly financial performance meeting
- Oversight/coordination of income tax compliance