Equine tax laws

Proven Strategies: End-of-Year Tax-Saving Tips

In horse racing, the contest is not over until the horse crosses the finish line. The same is true with maximizing your tax deductions and minimizing your taxes. For those who think it is too late to save on your 2020 taxes, we are here to tell you, it is not! With over 40 years' experience saving our clients taxes along with our knowledge of the new tax laws, we are confident the following information will help you as you approach the 2020 home stretch and allow you to hit...

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Proven Strategies: If You are an Independent Contractor, What Tax Deductions Are You Entitled to?

COVID-19 has changed the way we go about our daily lives. It has also increased the number of individuals who are self-employed and have no other employees, also known as independent contractors. The formal definition of an independent contractor is a person or entity contracted to perform work for, or provide services to another entity as a nonemployee (meaning that the employee is "at will" and not eligible for an employer's health or retirement benefits). The general rule is that an individual is an independent contractor if the payer has...

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Ask The Experts: Len Green

Today, we begin a new column where readers are invited to write in and ask our expert Len Green their equine-related tax and accounting questions. Have a question you'd like answered? Email [email protected] Question #1: I am a partner in a racing syndicate. I received a K-1 form which shows a loss for the year. My accountant is questioning whether I am entitled to deduct the loss. What is the problem? Losses from partnership ownership fall into three categories: a. Active--which means the losses can be used to offset any...

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