The Lowdown on Horse Tax Deductions
Want to deduct some of your equine expenses on your taxes this year? There are some things to know before you file.
By Lindsay Keller, special contributor | January 4, 2015
Vet and farrier bills, feed, diesel, training costs, equipment … The amount of expenses required to run any equine operation, regardless of size, can be staggering.
Carolyn Miller, a certified public accountant and equine tax accountant, says some of these expenses could be tax-deductible if the right measures are in place for your operation.
The time to think about deducting your equine expenses is not during tax season. Carolyn recommends meeting with an accountant familiar with the equine industry before starting your business venture.
“There are a few key steps to making sure your expenses from your equine business are tax deductible,” Carolyn says. “It is a lot easier to know those steps up front than to try to scramble back through a year’s worth of expenses during tax season.”
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