Saturday, January 16, 2010

It's the Most Wonderful Time of the Year....

Actually, I was being facetious.

Now that the holidays are past, it's time to get ready for the US government's post-Christmas bonus.

I think this is an especially traumatic time for people in the horse business, which recognized as a real business by the IRS only after a laundry-list of requirements. I guess we aren't quite stressed enough during foaling season....

I am far from being an tax expert. Even though I work in finance, my B.A. is in English Literature. I'm lucky enough to understand what I read, but I'd never take advice from someone like me and if you're still reading, you don't have to, either.

One thing I am good at is research, so here's a list of links that do a much better job of explaining income tax implications for people in the horse business than I ever could:

Business Plan Checklist:

Hobby versus Business:

Hobby Loss Audit info:

Stallings Paint Horses - Tax Planning for Horses (this was one of the first sites I found years ago that really helped explain in horse owner terms what my accountant had been trying to tell me in CPA terms:

I hope these links help! For those readers not in the US (or for those in the US but need a break from their hours of tax work), here's one final link for ya!

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