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Equine Accounting and Business Management
In this department you will find a handy selection of articles and tools to help you learn about important accounting principles and tax information for horse professionals.
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USA Equine Business Close-Out for 2011 Payroll
Pam Saul
With the turning of the last page on the calendar to a new year comes payroll responsibilities for closing out 2011. Here is a list of dates along with the forms needed to finish out the year. . . .
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Be Ready When the IRS Comes Knocking
Pam Saul
There is a definite upswing within the IRS and DOL (Dept. of Labor) for enforcement audits regarding employment records. The IRS has even increased their staffing for carrying out these efforts. Even if your firm has never violated one IRS or DOL rule, they can still find you in violation of record keeping rules and apply substantial penalties. Now is the time to gather employment records together that you are required to keep under federal law. . . .
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Understanding Accounting Terms for the Horse Professional
By Pam Saul
On your list of things to do today, you have 4 lessons scheduled, 6 training rides, a feed order to make, and a lame horse to check. How about adding in a financial analysis of your business to that list? Most people run screaming from the room at the mention of anything to do with accounting. But to run a business, especially a horse business, owners need to have a basic understanding of their finances. In order to help you with your financial education, EquestrianProfessional.com is beginning a series that will explain accounting terms specifically geared to the horse industry. Definitions and examples will be horse related in order to help you understand more clearly how these terms impact your business. . . .
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How to Create Internal Controls for Your Horse Business
By Carol Gordon, CPA
Internal Controls -- it sounds like something that relates to connecting to your core when you ride or possible a yogurt that aids with regularity. But if a CPA is writing about it, you know that it must have something to do with your business. In a nutshell, internal controls are the policies and procedures that you implement to ensure that you receive all of the money that your customers should pay to your business and only disburse the money that you intend for your business to pay out. . . .
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Tax Returns are Like Horses - Well Sort of...
Carol Gordon, CPA
Tax returns are kind of like horses... OK - As you'll see it may not be the most apt analogy but it did get you to read further. Tax returns are like horses in that the more knowledge you have about them; the more effectively and safely you can work with them. But like horses, they can usually benefit from some degree of professional intervention. And without that help, some are just plain dangerous. My purpose in this article is two-fold: to provide you with some of that basic knowledge and to suggest situations where you might benefit from professional help. . . .
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Parents Get a Break - 2010 Child and Dependent Care Credit
Carol Gordon
Summer vacation can be a big boost to many horse-related businesses. Children out of school for the summer translate into increase revenues from lessons and summer camp. But having to care for your own children who are also on summer vacation AND take care of the increased level of activity in your business can cause both financial and emotional stress. . . .
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On the road again...
Carol Gordon, CPA
With show season firmly upon us, it is a good time to discuss which expenses which are incurred while you are showing "away from home" are deductible. In general, travel expenses are deductible if they . . .
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Equestrian Business Entity ABC's
Carol Gordon, CPA
SP, LLC and Subchapter S -- what does it all mean and why do you need to know? These are several of the different types of legal entities that businesses adopt which allow the business to take on an existence apart from its owners, though the owners still control the business. The type of entity that you choose will affect your . . .
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February 2012
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| Here's what our members are saying ...
"I can't say enough about how valuable your site is to our barn."
So-Cal H/J Trainer
"Elisabeth's development of the "Equestrian Professional" Website brought a much needed financial template to the U.S.E.A. Instructor Certification Program. We on the committee thank her for coming to New Orleans and speaking at our annual meeting. Her insight into the financial matters that are so necessary in the equestrian community will be invaluable to professionals at all levels. We recommend her highly and believe her innovative website will set a new standard of excellence."
Brian Sabo - United States Eventing Association ICP Committee Member
"The first download I did - nailed exactly what was going on with me!"
J. Foreman
Las Vegas, NV
"I signed up a couple months ago and found that just taking the time to read through their stuff puts me in the mindset to think wisely about my business, In fact, I made a pretty sketchy little marketing plan and shortly thereafter I sold three good horses and pulled myself out of debt, right when the economy has been tanking. This kind of business management tool is only what you make of it, but Elisabeth McMillan and her staff have done some really good work on behalf of horse professionals"
Eventing Professional - Baltimore, MD
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