Accounting and Financial Services for the Equestrian Business

Are you passionate about horse riding or dressage? Do you frequent horse shows? Do you own horse stables or manage a horse farm? Are you involved in promoting a stallion or racing a thoroughbred?

If you answered yes to any of the above – or if you spend any money in the horse world – it might be time to think about the financial side of your passion. You could be missing out on important tax deductions.

When you work with an accountant who specializes in financial services and equine accounting, you learn which tax structure brings in the most savings. And since nearly everything equine-related is pricey, hanging on to more of your money is especially important for equestrians.

Not only does an equestrian accountant help you plan your taxes sensibly, but with her guidance, you can stop worrying about business details and focus your attention on fun: horse riding, horse property, breeding, training – all the reasons you fell in love with horses in the first place.

Evelyn Cook, CPA – An Equine Accountant

Evelyn Cook of Cook CPA Group is an experienced equestrian and a proud owner of Romeo, a dark bay thoroughbred. She is also a recognized expert in accounting for the equestrian field. Since 2006, she has been a guest speaker on taxes and business management in the Equine Enterprise Management course at UC Davis.

Evelyn knows the ins and outs of dressage and horse shows, promoting a stallion, horse breeding, training and boarding, successfully managing horse stables, and myriad other details of the equine world. With Evelyn’s guidance, equestrians increase their margins when using the following services:

• tax preparation and planning
• advice on how to minimize exposure to the hobby loss rules and advice on how to take advantage of tax depreciation rules for horses
• assistance in building equestrian business plans
• horse software consultation
• IRS representation

Evelyn knows tax tips and financial strategies that affect equestrians in particular. For example…

Should horse owners file Schedule E? When your trainer has possession of a horse you own, should you file Schedule E, the form used to report rental property?

In most cases, no. Treating the arrangement with your trainer as a rental agreement will likely add quite a few dollars to your tax bill. (Usually Schedule C is the appropriate form.)

What’s the best way to make a profit on horse stables?

A horse boarding stable is an investment that CAN yield a return. The trick is to make business decisions that minimize your tax liability. For instance, if you make capital improvements by the end of the year, you can claim a tax deduction for that year.

“Evelyn knows her stuff. She is knowledgeable, ethical and trustworthy. She is not your typical dry numbers CPA. I can relate to her on a personal level and I know she is working for me,” Clair Thunes, Summit Equine.

Contact the Accountants of Cook CPA Group for Help with Your Tax Preparation and Planning

Choose a certified public accountant who knows how to “speak horse.”

Evelyn offers a free 30-minute consultation, so you have nothing to lose by getting in touch today.

Contact Evelyn at Cook CPA Group – and start saving money while enjoying the equestrian life.

Founder ~ Equine Business News

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