Taxes

Article

Equine Law Conference: Review of Pending Horse Bills

May 02, 2008

American Horse Council president James J. Hickey Jr. briefed attorneys May 1 on legislative actions in Congress during the 23rd National Conference on Equine Law, but he also handicapped the immediate passage chances of a couple of them as... Read More

Article

Equine Law Conference: Estate Planning for Horsemen

May 01, 2008

An attorney specializing in estate planning says now is a good time for horsemen and others to establish tax-friendly programs that pass along assets to descendants--but warned that time was of the essence in organizing such efforts.... Read More

Article

Economic Stimulus Benefits Owners of Horse Businesses

February 14, 2008

The Economic Stimulus Act signed into law by President Bush on Feb. 13, 2008 includes two tax incentives that would allow a much bigger write-off for horses and other property purchased and placed in service during 2008, according to an advisory... Read More

Article

New Tax Could Put Tennessee Horse Owners in Bind

January 12, 2008

As if the drought wasn't enough for the farmers of Tennessee. Beginning Jan. 1, all people buying feed (hay, grain, etc.), farm equipment, and other tax-exempt farm supplies in the Volunteer State had to present proof of exemption or pay almost... Read More

Article

KEEP to Focus on Tax Relief for the Horse Industry

October 05, 2006

Tax relief for the horse industry, not racetrack gaming, will be the focus of the Kentucky Equine Education Project (KEEP) during the 2007 General Assembly session, according to the chairman of the organization.

KEEP this year authored... Read More

Article

Companion to 'Equity Act' Introduced in U.S. House

November 02, 2005

Companion legislation to the Equine Equity Act, which grants financial concessions to the horse industry, has been introduced in the United States House of Representatives.

U.S. Rep. Ron Lewis of Kentucky introduced the bill Oct. 27. Sen... Read More

Article

Kentucky Senator Introduces Legislation to Promote Horse Industry

July 29, 2005

Equine Equity Act will provide tax relief for horse owners

U.S. Senator Mitch McConnell introduced a bill Thursday (July 28) designed to promote investment in the horse industry by removing provisions of federal law that favor... Read More

Article

North Carolina Horse Industry Growing

April 13, 2005

The North Carolina Horse Council announced April 5 that the referendum vote on the Horse Industry Promotion Assessment held March 9 passed with a 95% favorable vote. The vote authorizes the continuation of the $2 per ton voluntary assessment on... Read More

Article

Accounting Software for Owners

November 01, 2004

Computers can make our lives easier in many ways, and a growing number of horse owners are using computers for recordkeeping. Some horse owners just want to keep track of horse records (deworming, vaccination, breeding records, etc.), some want... Read More

Article

Illinois Tax to Benefit Equine Research, Education

October 20, 2003

Illinois horse owners polled in a statewide referendum on Oct. 7 approved an innovative new program that establishes an elective tax on horse feed products that will benefit equine research and education in the state.

Sponsored by... Read More

Article

Tax Bill Includes Provisions Beneficial to Horse Industry

June 13, 2003

(From the American Horse Council)

On May 28, U.S. President George Bush signed the $350 billion Jobs and Growth Tax Relief Reconciliation Act of 2003 into law, the third federal tax reduction in as many years. The bill,... Read More

Article

Jobs and Growth Tax Relief Reconciliation Act of 2003

May 29, 2003

From the Kentucky Thoroughbred Association

Before adjourning for the Memorial Day recess, the United States Congress passed the Jobs and Growth Tax Relief Reconciliation Act of 2003. President George Bush will sign this... Read More

Article

Business or Pleasure?

February 01, 2002

If you think that you need help preparing federal income tax returns for your horse activity, then you should seek the assistance of a qualified accountant or tax attorney. If, on the other hand, you think that you can manage the task without... Read More

Article

Definition Of Horses As Livestock

October 05, 2001

What is livestock?

Livestock is most commonly considered animals kept or raised in a farm or ranch setting and used in a commercial enterprise. The raising of livestock is an agricultural endeavor that promotes the preservation o... Read More

Article

Deductive Reasoning

October 02, 2001

By the time you read this, tax time will be nearly over. The rush to get all those receipts collected and all the itemized deductions documented will be but a fond memory. My guess is that you, like many others and me, had some charitable... Read More

Article

NC Approves Horse Feed Tax For Promotion

November 05, 1999

A North Carolina state referendum was passed with an 80% majority approving a tax of $2 on each ton of horse feed sold. According to the North Carolina Department of Agriculture, this will raise $200,000 annually for promotion of the horse... Read More

Article

Senate Tax Bill Includes Shortening Of Holding Period For Horses

August 27, 1999

The American Horse Council reports that the tax bill passed by the Senate on Friday, July 30, includes a provision that would shorten the holding period for horses from two years to one to realize capital gains treatment upon... Read More

Article

Horse Provision Will Have To Wait For Likely Fall Tax Bill

August 20, 1999

Congress has passed a $792 billion tax bill that President Clinton has called too expensive and has already vowed to veto. The bill, which would reduce tax rates by one percent across-the-board and eliminate the estate tax, i... Read More

Article

Capital Gains Bill Introduced To Help Horse Owners

April 09, 1999

The American Horse Council reports that Congressmen Jerry Weller (R-IL), Joel Hefley (R-CO), Ron Lewis (R-KY) and Congresswoman Karen Thurman (D-FL) have introduced legislation to reduce from two years to one the period for... Read More

Article

How Do You Own Your Business?

April 01, 1997

A question often put to attorneys is: "Should I incorporate my (fill in the blank) business?" The answer depends on several factors, and involves weighing the advantages and disadvantages of the various forms of ownership that can be chosen for ... Read More

Article

Using Equine Activity Losses To Achieve Overall Tax Savings

February 01, 1997

Most performance horse owners begin their horse ownership and performance horse activities for purposes other than pecuniary (monetary) gain. Nevertheless, many hope eventually to turn a profit as their horse progresses in skill or as their... Read More

Article

Estate Planning

September 01, 1996

What happens to your horse in the time between your death and probate of your will? When your will actually goes through the probate process, will your wishes regarding care of your horse be enforceable? Will they be honored by the probate court?... Read More

Article

Like-Kind Exchanges

July 01, 1996

When a taxpayer sells a performance horse at a profit, generally that realized profit is recognized and subject to tax as either ordinary income or capital gain. The like-kind exchange rules provide a special exception that allows taxpayers to avoid ... Read More

Article

Taxes and the Home Office

January 01, 1996

Because the IRS criteria for claiming a home-office deduction are so specific, and because the pros and cons of a home-office deduction vary by each individual situation... Read More