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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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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. . . . More
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Getting Support -- Identifying and Using Key Horse Business Supporters
Pam Saul
There are so many areas that you as a business owner need to address that don't include touching a horse. Legal structure, insurance coverage, and taxes are just a few. How can you possible know everything? You can't. What you can do is enlist the help of industry professionals to work with you as a key business supporter. . . . More
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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 . . . More
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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 . . . More
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What's NOT Deductible - Tips for U.S. Horse Businesses
Carol Gordon, CPA
Last month, I discussed items that are deductible on your business tax return. This month, I'm going to mention some items that are not tax-deductible for your business. Let me just repeat one idea from last month -- In order for an expense to be deductible, it must be both ordinary and . . . More
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What Expenses Are Tax Deductible for a U.S. Horse Business?
Carol Gordon, CPA
With the close of 2009 and tax time right around the corner many equestrian professionals are getting their taxes together and trying to make the most out of any and all possible deductions here is a handy alphabetical list of . . . More
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Save Time and Money! Get Your Horse Business Tax Documents Organized In Just A Few Easy Steps!
Carol Gordon, CPA
You need to get your records organized. But you open the file/shoebox/drawer and there is just so much there, in no particular order. That looks like a whole day's worth of work and there are horses to be ridden, lessons to be taught and stalls to be cleaned. So you put away your good intentions for another day. It doesn't have to be that way. Here's how to get organized for your 2009 tax return without spending lots of precious time sitting at your desk. . . . More
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Horse Syndication -- or "The more we get together, the happier we'll be"
Carol Gordon, CPA
Don't have $150,000 for a Grand Prix horse capable of competing on a national level? Just find 14 friends each with $10,000 to spare and create a syndicate. Is it that easy? No, not really. But syndicates, which have been popular for some time for race horses and breeding, are becoming a useful way to finance the purchase of a competition horse. . . . More
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Independent Contractor or Employee -- Who's Who in Your Horse Business?
Carol Gordon, CPA
An independent contractor (IC) is someone who provides services to others, outside the context of employment. An employee is a person who provides services to a companyon a regular basis in exchange for compensation (including trading work for free/reduced board, lessons, etc.) and . . . More
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Equestrian Accounting 101
Pam Saul
Get the answers you need quickly with this accounting terms "cheat sheet" you'll find a handy list of accounting terms and definitions. . . . More
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DOWNLOAD: Horse Business Budget Worksheet
How will your Horse Business perform in 2010? Most people are in the Horse Business for the horse part not the business part. However without your business your horse career may not be possible. Use this download to chart a course for success in your business - one that truly supports your horse career. If you hate numbers don't worry! We've done most of the work . . . More
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September 2010
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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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