Horse Racing Taxes

Ask the Expert: 2021 Taxes

Editor's note: Back by popular demand: our column where readers ask The Green Group's Len Green for advice on saving taxes on their equine-related activities. What changes in the tax law can I take advantage of this year to maximize my tax savings? --Kerry L., Lexington, KY 2021 has been another exciting year when it comes to providing new laws that can save you taxes. 1. First-year expensing for qualified property placed in use is allowed up to $1,050,000. This would include the purchase of horses and more fixed assets...

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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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Tax Code Changes That Benefit the Horse Industry

Congress recently implemented changes to the IRS Tax Code, The CARES Act, to provide relief from the COVID-19 outbreak. We reviewed the updates and are pleased to report that (for the most part) the changes will benefit those in the Thoroughbred industry. Below please find a summary of the most relevant items and how they affect the horse business: 1. Prior to the recent update, the tax law capped business losses at $250,000 for single taxpayers and $500,000 for married filing joint returns. A business loss in excess of those...

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