March 2010

Owning a Horse - Business or Hobby?

The IRS allows horse businesses a little more leeway, but it’s still got to be real.

By Margaret Freeman

It’s tax season right now, and most of us are looking for deductions to offset income from last year. Once you file your 2009 tax forms, it would be the perfect time to look forward to Spring 2011 and consider what you can do during the rest of 2010 to reduce your tax burden a year from now. Here are guidelines from Elizabeth Clarke, who’s a lawyer and business

A professional horseman likely combines lessons, coaching at shows and training.

consultant specializing in equestrian businesses, to help you assess whether you have horse-related deductions that can be used to offset your 2010 income. …