Proven Strategies

Empire Racing Club Launches Third Season

Kicking off its third season, the Empire Racing Club (ERC) will offer a reduced price of $400 through the official re-launch date of May 15. In a departure from the first two seasons, 2021 membership is open to both licensed and unlicensed racing enthusiasts looking to enjoy the social and educational benefits of the Club. The 2021 ERC season will be limited to 200 members. The ERC will once again be managed by famed race-caller Tom Durkin. Training the current team of runners for the 2021 season are Hall of...

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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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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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Proven Strategies: Survival Kit to Help Trainers

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...

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Proven Strategies: Sales Cancellations, Insurance and DOL Issues

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...

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Empire Racing Club Launches Season 2

The Empire Racing Club (ERC), an initiative by the New York Thoroughbred Horsemen's Association introducing fans to racehorse ownership, announced the launch of the 2020 season, which officially kicks off Apr. 1. Created in 2019, the non-profit organization will again be managed by race-caller Tom Durkin. Training the current team of runners for the 2020 season are Todd Pletcher, Mark Casse, and Linda Rice. "ERC has been an enjoyable and rewarding experience for me," said Durkin. "Having been in an 8x10 announcer's booth for 40 years was a fun way...

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