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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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IRS Red Flags Equestrian Businesses Should Avoid
Horse businesses are a common target of the IRS because often times they don't follow these simple steps. Make sure that your are treating your business as a business and you'll reduce the risk of the IRS knocking on your door, or at the very least you'll be ready to explain your business financials when they do. . . .
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Payroll Tax Cut To Continue
Pam Saul
The House and Senate approved Friday to continue the payroll tax cut of 2% for the employee portion of FICA. What does this mean if you create payroll checks and how long is the extension for? . . .
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QuickBooks Support Ends for 2009 Files
Pam Saul
Do you know what version of Quickbooks you use? If you're not sure, open your file and look at the very top of your screen. In a grey line will be your version of QuickBooks. If your version is 2009 or before, you should know that Technical Support will end soon. What does this mean to your files? . . .
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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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