Even though it’s the same time every year, tax season seems to always sneak up on us. If you run a breeding operation, or any type of horse operation, you may be deducting equine expenses on your taxes. Make sure your business stands up to the scrutiny of the IRS if you are ever (gulp) audited.
What Triggered the Audit
“Most IRS auditors feel you are getting into the horse business for a tax shelter – to get a loophole to write off all your income from another job,” says Billy Peterson, certified financial planner.
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Read the rest of this entry by Kristin Syverson for The American Quarter Horse Journal by clicking here.
