Tag Archives: Business Taxes

Free 2019 Tax Update & Planning Seminar

We have been making a list and checking it twice, tryTax planning white boarding to separate the naughty tax changes for those that are nice. Join us for a tax update that will help you focus on the that changes that will allow you to reduce your tax bill this year. This free seminar will not only help you understand the many changes to the tax laws that have taken place it is all filled with tax planning tips designed to help you take the actions necessary to reduce your tax bill and keep more of your hard earned money in your pocket.

The seminar will take place at 2319 N Andrews, Fort Lauderdale FL 33311, beginning promptly at 6:00 PM and last for 2 hours. There will be plenty of time for questions and a handout to make sure you have a list of actions you can take before year end.

For reservations call 954-563-1269

Dead Horse Kills Deductions

United States Tax Court ruled in the case of Denise Celeste McMillan v. Commissioner of Internal Revenue on August 26, 2019. That her horse business no longer existed with the death of her last horse. Ms. McMillan challenged the IRS on disallowing her deductions for her horse showing/breeding business. Ms. McMillan was self-employed, both as a horse breeder and trainer and as an independent IT professional. During the 2010 tax year, she claimed a deduction for her horse business, which functionally no longer existed due to the death of her last horse. Proving that not only can you not beat a dead horse but also that a horse business lives and dies with the horses.

For the complete decision see T.C. Memo. 2019-108.

Cowboy on a dead horse