Blog

Horse Racing and 1099’s

Horse Racing and 1099’s

If you are in the horse racing business, chances are you received one or more form 1099’s in January or early February. How you report the income shown on these forms will have a significant effect on the amount of tax you pay when you file your income tax return. Some people simply report this income and do not take advantage of the many deductions that might be available to them as professionals in the horse business. For this reason, it is important to hire an accountant who is an expert in the horse business who can provide you with the guidance necessary so you can maximize every legal deduction you are entitled to.

The IRS will tell you every dollar you make is profit unless you have a good set of records documenting your expenses such as feed, hay, blacksmith costs, transportation and so forth, which often eat up a large portion of your income. The experts at the Equine Tax Group can help you recover these costs
even if your records are not always the best because we are the premier experts in the field of equine accounting. We can reconstruct records and develop an accurate set of books for you.
Our fees often pay for themselves in the money we save you due to poor record keeping. If you haven’t filed for a few years we can surely help you get back into compliance with the IRS or state tax authorities.
Call us today at 888-338-2999 and we can help you!