• Welcome to the Chronicle Forums.
    Please complete your profile. The forums and the rest of www.chronofhorse.com has single sign-in, so your log in information for one will automatically work for the other. Disclaimer: The opinions expressed here are the views of the individual and do not necessarily reflect the views and opinions of The Chronicle of the Horse.

Announcement

Collapse

Forum rules and no-advertising policy

As a participant on this forum, it is your responsibility to know and follow our rules. Please read this message in its entirety.

Board Rules

1. You’re responsible for what you say.
As outlined in Section 230 of the Communications Decency Act, The Chronicle of the Horse and its affiliates, as well Jelsoft Enterprises Ltd., the developers of vBulletin, are not legally responsible for statements made in the forums.

This is a public forum viewed by a wide spectrum of people, so please be mindful of what you say and who might be reading it—details of personal disputes are likely better handled privately. While posters are legally responsible for their statements, the moderators may in their discretion remove or edit posts that violate these rules. Users have the ability to modify or delete their own messages after posting, but administrators generally will not delete posts, threads or accounts upon request.

Outright inflammatory, vulgar, harassing, malicious or otherwise inappropriate statements and criminal charges unsubstantiated by a reputable news source or legal documentation will not be tolerated and will be dealt with at the discretion of the moderators.

Credible threats of suicide will be reported to the police along with identifying user information at our disposal, in addition to referring the user to suicide helpline resources such as 1-800-SUICIDE or 1-800-273-TALK.

2. Conversations in horse-related forums should be horse-related.
The forums are a wonderful source of information and support for members of the horse community. While it’s understandably tempting to share information or search for input on other topics upon which members might have a similar level of knowledge, members must maintain the focus on horses.

3. Keep conversations productive, on topic and civil.
Discussion and disagreement are inevitable and encouraged; personal insults, diatribes and sniping comments are unproductive and unacceptable. Whether a subject is light-hearted or serious, keep posts focused on the current topic and of general interest to other participants of that thread. Utilize the private message feature or personal email where appropriate to address side topics or personal issues not related to the topic at large.

4. No advertising in the discussion forums.
Posts in the discussion forums directly or indirectly advertising horses, jobs, items or services for sale or wanted will be removed at the discretion of the moderators. Use of the private messaging feature or email addresses obtained through users’ profiles for unsolicited advertising is not permitted.

Company representatives may participate in discussions and answer questions about their products or services, or suggest their products on recent threads if they fulfill the criteria of a query. False "testimonials" provided by company affiliates posing as general consumers are not appropriate, and self-promotion of sales, ad campaigns, etc. through the discussion forums is not allowed.

Paid advertising is available on our classifieds site and through the purchase of banner ads. The tightly monitored Giveaways forum permits free listings of genuinely free horses and items available or wanted (on a limited basis). Items offered for trade are not allowed.

Advertising Policy Specifics
When in doubt of whether something you want to post constitutes advertising, please contact a moderator privately in advance for further clarification. Refer to the following points for general guidelines:

Horses – Only general discussion about the buying, leasing, selling and pricing of horses is permitted. If the post contains, or links to, the type of specific information typically found in a sales or wanted ad, and it’s related to a horse for sale, regardless of who’s selling it, it doesn’t belong in the discussion forums.

Stallions – Board members may ask for suggestions on breeding stallion recommendations. Stallion owners may reply to such queries by suggesting their own stallions, only if their horse fits the specific criteria of the original poster. Excessive promotion of a stallion by its owner or related parties is not permitted and will be addressed at the discretion of the moderators.

Services – Members may use the forums to ask for general recommendations of trainers, barns, shippers, farriers, etc., and other members may answer those requests by suggesting themselves or their company, if their services fulfill the specific criteria of the original post. Members may not solicit other members for business if it is not in response to a direct, genuine query.

Products – While members may ask for general opinions and suggestions on equipment, trailers, trucks, etc., they may not list the specific attributes for which they are in the market, as such posts serve as wanted ads.

Event Announcements – Members may post one notification of an upcoming event that may be of interest to fellow members, if the original poster does not benefit financially from the event. Such threads may not be “bumped” excessively. Premium members may post their own notices in the Event Announcements forum.

Charities/Rescues – Announcements for charitable or fundraising events can only be made for 501(c)(3) tax-exempt organizations. Special exceptions may be made, at the moderators’ discretion and direction, for board-related events or fundraising activities in extraordinary circumstances.

Occasional posts regarding horses available for adoption through IRS-registered horse rescue or placement programs are permitted in the appropriate forums, but these threads may be limited at the discretion of the moderators. Individuals may not advertise or make announcements for horses in need of rescue, placement or adoption unless the horse is available through a recognized rescue or placement agency or government-run entity or the thread fits the criteria for and is located in the Giveaways forum.

5. Do not post copyrighted photographs unless you have purchased that photo and have permission to do so.

6. Respect other members.
As members are often passionate about their beliefs and intentions can easily be misinterpreted in this type of environment, try to explore or resolve the inevitable disagreements that arise in the course of threads calmly and rationally.

If you see a post that you feel violates the rules of the board, please click the “alert” button (exclamation point inside of a triangle) in the bottom left corner of the post, which will alert ONLY the moderators to the post in question. They will then take whatever action, or no action, as deemed appropriate for the situation at their discretion. Do not air grievances regarding other posters or the moderators in the discussion forums.

Please be advised that adding another user to your “Ignore” list via your User Control Panel can be a useful tactic, which blocks posts and private messages by members whose commentary you’d rather avoid reading.

7. We have the right to reproduce statements made in the forums.
The Chronicle of the Horse may copy, quote, link to or otherwise reproduce posts, or portions of posts, in print or online for advertising or editorial purposes, if attributed to their original authors, and by posting in this forum, you hereby grant to The Chronicle of the Horse a perpetual, non-exclusive license under copyright and other rights, to do so.

8. We reserve the right to enforce and amend the rules.
The moderators may delete, edit, move or close any post or thread at any time, or refrain from doing any of the foregoing, in their discretion, and may suspend or revoke a user’s membership privileges at any time to maintain adherence to the rules and the general spirit of the forum. These rules may be amended at any time to address the current needs of the board.

Please see our full Terms of Service and Privacy Policy for more information.

Thanks for being a part of the COTH forums!

(Revised 2/8/18)
See more
See less

Tax Accountant recommendations, please?

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Tax Accountant recommendations, please?

    Like the title says, we are looking for an accountant to help us with our taxes and would love any recommendations. We have several income streams including regular, off the farm employment, a horse business, and for the first time ever, rental income. We are in Kentucky.

    Any personal recommendations?

    Thanks!
    Sheila

  • #2
    I was once in the same position, I used a tax attorney for planning and CPA who was versed in Ranch/Farm tax preparation.

    I get the feeling you are seeking this for 2014 but really advise that once you get through that tax year that you plan for 2015 and 2016 now.

    We actually had a five tax plan we worked with that was constantly updated as rules changed on a running bases.

    Comment


    • #3
      What city/state? I'm assuming KY from your profile but that matters. CPA's are certified by state.

      Comment

      • Original Poster

        #4
        Kentucky. I did put that in my first post.

        Yes Clanter. This is for 2014 taxes. We were planning on talking to the tax accountant about planning. Do you think it's worth the extra money to do the actual planning with an attorney?

        Thank you for the advice.

        Sheila

        Comment


        • #5
          Originally posted by Chestnut Run View Post
          Kentucky. I did put that in my first post.

          Yes Clanter. This is for 2014 taxes. We were planning on talking to the tax accountant about planning. Do you think it's worth the extra money to do the actual planning with an attorney?

          Thank you for the advice.

          Sheila
          For us it was as we ended up setting the farm up as separate corporation (we used a C Corp). The farm leased the barns/land from us a private owners, paying us a lease fee each month.

          In my case the horses were actually owned by another company we had which was using the horses as advertising (we were selling/installing specific equipment for ranches). This company paid the farm for taking care of the horses.

          The main reason we had these divisional walls in place was to shield assets from possibly liability if one of the horses was to have injured some one along the line.

          Other benefits resulted. Equipment that would have been purchased as personal property was purchased by one of the companies which then became a deperationable asset. The list is kind of endless.

          Each of the companies made money, paid their taxes and were never audited because everything was just straight down the line, clearly defined. Each had its own set of books and bank accounts.

          Our attorney was acquainted with the workings of an ag business and our CPA was versed to the ag tax laws so it really helped us to not present red flags to an auditor.

          Oh all this was done on our "ranch" of a few acres in the middle of the city. The farm leased all the ground from us.

          Today with the common use of limited liability companies (LLC/LLP) the LLC may be a better way to go. Everyone's case is a little different with different goals, there are many ways to handle this to protect assets, reduce liability and shield income so it really would be best to talk face-to-face with a real attorney who is then vested to you and your success.

          --

          as for now, what you are doing is reactionary as there isn't much that can be done after the fact for the 2014 filing. There are a few things that can be still done but not much.

          With planning now for 2015 AND future years you should be able to reduce your tax burden

          Comment

          • Original Poster

            #6
            Thank you for taking the time to write all that up Clanter! I think we'll definitely set up a meeting with an attorney. So much more to think about than just paying taxes, isn't there?

            Thanks again!
            Sheila

            Comment


            • #7
              After your meetings, if you see things you missed you can file amended returns I believe as far back as 2010 by using 1040X. Such as moving expenses, cost associate related to rental property

              Also have a log book for each vehicle so that your businesses use mileage can be allocated. When using the same vehicle for multiple uses standard mileage deduction is usually the easiest ...but you must have records to support the claim... a mileage log book created at the time use is usually undisputable.

              one last thing... do you drink coffee?

              Some close friends of ours their daughter and her husband have a artisan coffee roasting company near you that has an interesting twist

              http://www.carabellocoffee.com/

              ---

              and you may want to contact the University of Louisville's School of Business, the Equine division as the students going through that program I are required to do an actual case study

              A contact there would be

              Ann B. Gillette, PhD
              Associate Professor
              Department: Equine Program
              http://business.louisville.edu/facul...ectory/equine/

              She has a strong background in finance

              I graduated from the U of L School of Business back in the days when we only had 225 students in the whole school , the entire school including the medical schools only 5,900
              Last edited by clanter; Feb. 15, 2015, 12:58 PM.

              Comment

              • Original Poster

                #8
                Appreciate all the advice! Thank you.

                Sheila

                Comment


                • #9
                  I'm a CPA, so I'll put in my two cents. I don't think you need an attorney unless you want to make changes to the legal formation of the businesses. A good CPA can tell you if any changes should be made and put you in touch with a good attorney if you don't have one. A good CPA can help you come up with a tax plan for the future as well.

                  My biggest recommendation is to find a CPA firm of a size appropriate to the level of complexity of your situation. If you have more than an extremely simple rental, you should not go to a small mom and pop place. There are so many rules out there that you really want access to a specialist if you have a special situation. The regional firm (not in your area) I work for has an impressive amount of specialists that really know their stuff and I have found it very helpful in servicing my clients.

                  That said, some of the big firms can be really expensive for a small operation.

                  Like I said, finding the right balance is key.
                  http://www.stampyandthebrain.com

                  Comment

                  Working...
                  X