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CBD as a tax aid?

July 9, 2021
CBD-infused_cold_brew_coffee_&_tea_at_a_grocery_store_in_Los_Angeles _California_Deceptitom-via-Wikipedia2

Kickback apparently has discontinued its bottled cold coffee with CBD, but still offers the cannabis chemical in ready-to-drink teas and ground coffee. (Photo by Deceptitom via Wikipedia)

It's been one of those weeks. That's why when I woke up late this morning – OK, early afternoon — I thought (was hoping) it was Saturday.

Once the caffeine kicked in, I discovered that maybe I should be using another energy booster. Cannabidiol, or CBD as it's commonly called.

CBD is the second most prevalent of the active ingredients in the Cannabis sativa plant, also known as marijuana or hemp. As recreational and/or medical marijuana use has expanded across the United States, so has the associated cannabidiol industry.

The many forms of CBD — oils, edibles, beverages, creams, vaping — are touted by its supporters and sellers as a remedy for a variety of ailments. And while many of us of a certain age are more familiar with the relaxing properties of tetrahydrocannabinol or THC, cannabis' main chemical, CBD fans say the secondary product can have the opposite effect.

Filing taxes with CBD help: I discovered CBD's purported energy potential today when I ran across a tax item suggesting that it could be a part of making tax filing a bit more enjoyable. Hmmm.

Admittedly, the tax prep piece that showed up in my inbox is more of an advertorial than a straight news article. But I was hooked. (CBD as a gateway to tax, perhaps?) It suggests, as the excerpt below shows, that the first tax preparation step is to "get yourself in the best mindset."

"Taxes are important, of course, so you must file them properly. To do so, you may need a bit of help, especially if you’re not particularly looking forward to tax day. Make sure your energy levels will keep you going through each form with an energy drink, cup of coffee, or CBD for energy. 

For many, CBD might be a preferred option for staying alert throughout your tax return, as it offers mental clarity without the jitters all too often associated with caffeine—just be sure to talk to your doctor before adding a CBD product to your routine."

OK. Okay. Oh. Kay.

I'm generally for whatever legally gets you through the day (even why you don't know what day it is!) and your taxes. But …

Personally, I'm sticking with coffee. Regular. Hold the hemp.

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TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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