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Will the withdrawals from the second account affect my gross income and ability to collect our monthly Social Security benefit?

Cannabis businesses also pay far higher tax bills than most other companies because of a section of the federal tax code that prevents companies from taking typical business deductions from gross income associated with selling Schedule I or II substances.

The IRS has free tax software for those whose Adjusted Gross Income is below $84,000 annually.

“Combined income” is defined as taxpayers’ adjusted gross income, plus their nontaxable interest earnings and half of their Social Security benefits.

Furthermore, medical expenses must exceed 7.5% of your adjusted gross income to be deductible, notes Mark Luscombe, principal analyst for Wolters Kluwer Tax & Accounting.