We continually provide bookkeeping updates tailored to your horse training business. Got urgent inquiries that simply can't be postponed? Expect a response from us in less than a business day.
Our platform empowers you to streamline data inputs from leading providers to circumvent frequent errors. We partner with vendors such as Gusto, Stripe, Shopify, and Square—ensuring your equine business finances are consistently precise. So, as a horse trainer, you have more time to focus on training and less time worrying about the books.
Wave farewell to mountains of administrative work and tedious manual record-keeping—we automate data entry directly from your connected accounts. Obtain insights from one unified dashboard so you can quickly comprehend the financial standing of your horse training business and make informed decisions.
DR. BUKKY KOLAWOLE
As a professional horse trainer, there are several tax deductions you might be eligible to claim to reduce your taxable income. These include:
<ul><li>Travel expenses related to horse shows, training efforts, buying horses, and other business travel</li><li>Horse-related expenses such as feed, veterinary fees, grooming, and exercise</li><li>Training equipment and supplies</li><li>Farm equipment and machinery</li><li>Depreciation of assets such as horse trailers, equipment, and the horses themselves</li><li>Insurance costs</li><li>Property rent or mortgage interest expenses</li></li>Professional services like bookkeeping, legal advice, or consultation fees</li></ul>
Please consult with a tax professional or your bookkeeper to ensure that you are claiming all the deductions that apply to your specific situation. The information provided here is intended as a general guide and may not cover all possible deductions.
Managing and categorizing various income streams in the horse training industry is simplified with professional bookkeeping. Here's how each can be handled:
<ul><li><strong>Lessons:</strong> The revenue from horse riding lessons should be recorded separately. Receipts and invoices should always indicate that the payment is for a lesson.</li><li><strong>Boarding Fees:</strong> Any income received from boarding horses should also have its separate category. It's crucial to keep a record for each horse you board, including their boarding fees.</li><li><strong>Horse Sales:</strong> When selling a horse, not only should the sale be recorded, but also any costs associated with maintaining and training the horse prior to the sale. This will provide an accurate picture of your profits.</li></ul>
Managing these income streams can be complex and time-consuming. Working with a bookkeeper like Bench Accounting, who understands the demands of your business, will ensure your books are accurate and up-to-date.
Yes, there are specific accounting principles related to maintaining and depreciating equine assets. Equine assets, like other living assets, are expected to depreciate over their useful life span. This is governed by laws and regulations under the Generally Accepted Accounting Principles (GAAP). GAAP principles determine varying aspects such as initial cost allocation, annual depreciation calculations, and procedures for any impairment or gain recognitions at the time of disposal. It is recommended to work with a knowledgeable bookkeeper or accountant who is experienced in equine related accounting to ensure accurate depreciation calculations and record keeping.
Nope! All bookkeeping is completed in-house.
Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.
We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.