Kansas City E-Tax Deduction For Legal Marijuana Purchases???

It's tax time and locals are struggling to beat inflation whilst still paying their fair share.

Accordingly, we offer this noteworthy bit of taxpayer interrogatory . . . A TKC reader asks . . .

CAN I DEDUCT LEGAL MARIJUANA COSTS FROM MY KANSAS CITY EARNINGS TAX?!?!

The question isn't as far fetched as it seems given recent marijuana taxation levies that voters will soon decide.

On the April 4 municipal ballot Kansas City voters will be asked to add an additional 3% tax onto sales within city limits.  

If approved and in combination with other taxes, some customers will pay nearly 23% in marijuana sales taxes in Kansas City. (Additional local taxes would apply only to recreational sales, not medical, which has a state tax of 4%.) 

More deets here . . . 

Local Voters Ponder New Taxes on Marijuana Sales

From a consumer standpoint, the cost of recreational marijuana in Missouri is a great deal. One reason? Taxes levied in Missouri are lower than in many other states where adult-use cannabis is also legal. Put simply, your money buys more cannabis in Missouri - at least for now.

And so . . .

Given those hefty fees going toward local government coffers . . . We understand why locals would be looking for relief.

Sadly . . . TKC is NOT an investment consultant and we don't advise anybody getting their financial advice from the Internets. 

Our best recommendation . . .

PLEASE ASK YOUR ACCOUNTANT ABOUT KANSAS CITY LEGAL MARIJUANA E-TAX DEDUCTIONS!!!

We know that a lot of people are trying to figure out a way to save on their LEGAL weed supply.

And there's no such thing as a stupid question.

Good luck. 

And ALL OF THAT inspires our TKC playlist for tonight . . .

A reminder that weed concerns aren't anything new . . .

Background on this classic rock anthem . . . "When Tom Petty first released 'You Don’t Know How It Feels,' censors tried desperately to obscure what he was talking about. Some stations and channels would play 'joint' backward when he sung, 'let’s roll another joint,' while others would eliminate the word 'roll.' NO matter their efforts, though, it was hard to distract from what Petty meant."

The war against weed as lost sometime in the 90s when "Hash Pipe" was actually a dated and widely accepted pop/rock music reference . . .

This song is less than a decade old and offers a glimpse that even middle-class white ladies are now dedicated to weed escapism.

A final note from leftover hippies in this classic 1971 tune that's not quite hopeful but still upbeat.

As always, thanks for reading this week and have a safe & fun Saturday night . . .