Len Green

It's no secret that the horse business is a tough one if your primary goal is to make money. But your chances are better the more experience and expertise you accrue, and The Green Group's Len Green has decades of both. Wednesday, the tax, accounting and consulting firm's founder and principal of successful racing outfit D J Stable joined the TDN Writers' Room presented by Keeneland to impart his advice on turning a profit in racing, discuss what tax changes could be coming down the pike with a new presidential...

Green Group Founder Len Green joined this week's TDN Writers' Room to discuss how to become profitable in the horse business.

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...

Helium backed up a sharp and fast track-and-trip debut score Sept. 27 to dominate Sunday's Display S. at Woodbine and become the first black-type winner for his freshman sire (by Distorted Humor). Off as the narrow 7-5 favorite over fellow impressive debut winner Maclean's Posse, the bay broke well and took up a stalking spot off the inside as his chief market rival took heat from two foes through splits of :23.65 and :46.40. Helium advanced ominously while out wide heading for home, and found another gear when called upon...

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...

Ever since I have been writing this column for the TDN, I receive calls and emails asking a variety of questions about the Thoroughbred business. The ones that relate to very specific facts and circumstances, I answer directly. When the questions are applicable to a broader audience or have been asked multiple times, I feel it's best to provide the answers in this column. Here goes: Q: I remember my accountant telling me that if I went to the September Yearling Sales and bought yearlings to race, I could not...

When the New York Racing Association announced Mar. 25 that racing would be suspended due to the coronavirus pandemic, perhaps no lives were affected as much as those of the New York backstretch workers. The New York Race Track Chaplaincy, which has been dedicated to supporting and ministering to the needs of this community for over 30 years, jumped into action. They began a campaign to help the 3,500 people who were suddenly without their normal wage deal with the challenges that resulted from the pandemic, asking for help in...

The New York Race Track Chaplaincy of America (NYRTCA) is asking for support to provide woman living and working on the Belmont Park backstretch and the surrounding community with 'Baskets of Blessings' this coming Mother's Day. A donation of $100 will fund a special basket which will be lovingly prepared and include an assortment of food, toiletries, and special gifts. Each basket will be hand-delivered by the NYRTCA ahead of Mother's Day, Sunday, May 10. "The mothers of our backstretch community have perhaps been most impacted by the current crisis,...

Last week, I was listening to the TDN Podcast. The Green Group Guest of the Week was the very successful trainer and four-time Eclipse winner Chad Brown. One of the panelists asked Chad if he was affected by economically by COVID-19, even though he had relationships with so many significant owners who might be able to weather the storm of uncertainty. Chad's response was that "all trainers are being affected, especially the smaller to midsize ones." That got me thinking. I have seen hundreds of articles and podcasts on the...

Editor's note: The Thoroughbred racing industry is covered under legislation passed in Washington to bolster an economy that has been hard hit by the coronavirus. To clarify what is available to racing participants, the NTRA held a teleconference Wednesday which included tax experts who serve the racing industry. To break down what is available and who qualifies for assistance, the TDN asked Green Group Founder and Chairman Len Green to go over the CARES Act and its provisions. The Coronavirus Aid, Relief and Economic Security Act ("CARES Act") became law...

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...

We are pleased to report we received a number of favorable responses to our first question and answer column. We also received several new questions which we are addressing at this time. Question #1: From a tax point of view, what should we do if the horses we bought to pinhook can now not be sold? Answer: As a result of the threat of COVID-19, many pinhookers are having second thoughts. Our normal transaction was to buy yearlings in 2019 for resale at the 2-year-old sales in March and April...