PAUL HUSBAND PROVIDES VALUABLE TAX TIPS AT EQUINE INDUSTRY SYMPOSIUM

The inaugural Equine Industry Symposium debuted in March, in Norco, CA. Hosted by Liza Rogers of Rancho Santiago, the symposium featured presentations by industry leaders from across the country covering a variety of topics on marketing, insurance, event management and other key business information.  As featured in the May 2015 issue of California Riding Magazine, Paul Husband was on hand to discuss best practices regarding the topic of employees vs. independent contractors for horse businesses. "One key distinction, is that an employer can tell an employee how to do their job, whereas an independent contractor is typically responsible for delivering an agreed upon finished product," says Paul.  He also stressed the importance of always keeping detailed records as the best protection in an audit. Another area noted for careful consideration is the management of non-cash deductions. "For example", Paul continues, "In order to receive a charitable contribution deduction for a horse's fair market value, when donating a horse, the recipient must be a 501c3 that will use the horse in its charitable purposes, and getting a written statement from the recipient reflecting that intent is extremely important; as well as meeting the other reporting requirements, which escalate with the value of the horse."    

To receive information on the 2016 Equine Industry Symposium, visit: www.firsttimeevents.com