Home Current News News Archive Shop/Advertise Ridecamp Classified Events Learn/AERC
Endurance.Net Home Ridecamp Archives
ridecamp@endurance.net
[Archives Index]   [Date Index]   [Thread Index]   [Author Index]   [Subject Index]

Re: [RC] Income and Taxes - Ridecamp Guest

Please Reply to: Kathy Myers magnumsmom@xxxxxxx or ridecamp@xxxxxxxxxxxxx
==========================================

Yes, that's why I started with "Hire a GOOD CPA". 

Yes, you do have to write off horse expenses against the 
business related income.  IE, if you make the money shoeing horses, then you 
can write off the percentage of the truck that you use to do your shoeing 
against the income you make from 
shoeing.  You still own the truck.  If you are a horse 
chiropractor, then you might be able to write off the expense 
of going to a ride against the *income* made at the ride you 
attended.  

Home business write off (writing off part of your mortgage 
and utilities for instance) can only be written off against 
income that the home business brings in.  

You cannot write off any of this stuff against your regular 
9-5 job.  

Arabian horse breeders in the 70's and early 80's were the 
worst of the worst regarding horse related businesses and tax 
write off abuses, and really helped bring the IRS to where it 
is today.  

Again, that's why I started with "HIRE A GOOD CPA".  Just 
don't ignore the posibilities.  

Disclaimer:  I'm not a good cpa myself... I hire one.  

Kathy Myers 
in Santa Fe, NM
ps... I personally don't write off any of my own horse 
expenses because I work in the computer field and not a 
horse related field.  


=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=

Ridecamp is a service of Endurance Net, http://www.endurance.net.
Information, Policy, Disclaimer: http://www.endurance.net/Ridecamp
Subscribe/Unsubscribe http://www.endurance.net/ridecamp/logon.asp

Ride Long and Ride Safe!!

=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=