By Len Green
By Len Green, CPA and John Wollenberg, CPA
In horse racing, the contest is not over until the horse crosses the finish line. The same is true with maximizing your tax deductions and minimizing your taxes. For those who think it is too late to save on your 2021 taxes, we are here to tell you, it is not!
With over 40 years’ experience saving our clients taxes along with our knowledge of the new tax laws, we are confident the following information will help you as you approach the 2021 home stretch and allow you to hit the wire a winner.
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Proven Strategies” is a new regular series in the TDN, presented by Keeneland. It is written by Len Green of The Green Group and DJ Stables, who won the 2018 GI Breeders’ Cup Juvenile Fillies with Jaywalk (Cross Traffic).
by Leonard C. Green, CPA, MBA, and Frank R. Palino, EA, CDFA, ATA
An IRS examination notice not only creates extreme anxiety, but also may trigger possible tax assessments, interest and even penalties. Let’s face it, the horse industry, whether you are a horse/farm owner, trainer, veterinarian or buy and sell horses, can be a very difficult business in which to make money. When you deduct horse-related losses against your other income, you become the potential target for the IRS to examine your tax returns.
Link to TDN article