Posts made in March, 2014

Tax Tips for Horse Business Owners

Posted by on Mar 28, 2014 in News | 0 comments

(used by permission from author) By Kathleen A. Reagan, Esq. Congress recognized a long time ago that taxpayers will try to claim federal income tax losses for activities at which the taxpayer has no genuine intent to create profit. The so called Hobby Loss provisions are found at section 183 of the Internal Revenue Code. Horse owners are a prime target of IRS “hobby loss” challenges, reflecting, of course, the fact that it is very difficult to actually make money in horses, yet many engage in the pursuit for the sheer enjoyment of it anyway. Here are seven tips that will make it easier to survive a so called “Hobby Loss” audit. 1. In the planning...

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