WebMar 30, 2024 · Horses – If your horses are a “necessary and ordinary” cost of maintaining your business, then of course all the necessary expenses of keeping them are tax … WebNov 7, 2024 · Equine business tax laws Once you have selected the most appropriate legal structure for your business, you can then focus on maximizing the tax benefits of your choice. If you choose to operate as a “C” corporation, you will pay the new, reduced corporate income tax rate of 21%.
How Tax Law Applies to Your Equestrian Business
The following is a list of ordinary and necessary expenses that generally apply to horse-related businesses: Administrative Expenses Accounting and bookkeeping fees Advertising and promotion Bank service charges Business licenses and dues Computers and software Legal fees Liability and other business … See more Accounting and bookkeeping fees Advertising and promotion Bank service charges Business licenses and dues Computers and software Legal fees Liability and other … See more Contract labor fees, expenses, and benefits Employee pensions and benefit programs Employee wages Payroll taxes (employer portion) … See more Airfar Automobile expenses – either standard mileage rate or percentage of business auto expenses (payments, insurance, fuel, repairs, etc.) Railway and bus tickets Car rentals … See more Books, magazines, and videos required for your business Business entertainment (50% is deductible) Business gifts (up to $25 per person, per … See more WebMar 24, 2024 · The IRS has extended the federal income tax filing due date for individuals for the 2024 tax year from April 15, 2024, to May 17, 2024. Individual taxpayers have until May 17 to file and pay 2024 federal income taxes. If individual taxpayers need more time to file, they can use IRS Free File through May 17 to electronically request an extension ... christmas slogans
Horse Owners’ Ability to Utilize a Section 179 Deduction Against …
http://www.equinetax.com/articles/record_keeping_I.pdf WebThe IRS may consider you to be self-employed and have your own business if: Money you earn as a contractor, consultant, freelancer, or other independent worker. It's reported on … WebJan 24, 2024 · As a business entity, your horse farm could receive reduced income taxes, depending on the form of your business. As a general rule, C corporations receive a corporate income tax rate reduced by 21%. Additionally, the Tax Cuts and Jobs Act of 2024 also removes the corporate Alternative Minimum Tax. christmas slogans 2021