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 Living within my means
Posts: 5128
  
Location: Randolph, Utah | How do you keep track of your barrel racing expenses? Excel? Or is there a good app to help?
My tax lady was less than thrilled with my record keeping this year. lol
So I am looking for a good / easy way to keep track of it all.
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Extreme Veteran
Posts: 368
| http://horserecordbooks.com/ |
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  Neat Freak
Posts: 11216
Location: Wonderful Wyoming | I started mine all on this one last yr. It's set up more towards breeding but you can have expenses and income as well. http://www.rendaivu.com/ |
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 Buttered Noodles Snacker
Posts: 4377
Location: NC | This may sound bad.... but why would you report your barrel racing expenses? isn't that just personal exspenses unless you are a trainer or professional barrel racer? Have I been missing something? |
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 Super Bumper
Posts: 3392
Location: At the Brownderosa | I created my own excel spreadsheet for my expenses - my tax girl breezes right thru my taxes every year. |
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Veteran
Posts: 103
| Because you better believe if you win at some place big enough they are going to report it to the IRS and you'll be claiming it as earnings. So you better also be claiming all your expenses, deductions. |
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 Reaching for the stars....
Posts: 12704
| If barrel racing is used to 'prove' breeding stock it is a write off, to a certain degree. It's advertising and marketing expenses. Also, you can write off expenses up to what you win every year even if a hobby.
My accountant made a list of categories for me many years ago. I am terrible at filing or keeping track of stuff through each year so I do a major sorting on January 1 every year and sort my piles into those categories. I sometimes even put them in date order after the initial sort! Then I add up the categories and fill in the spreadsheet and off it goes to the accountant. |
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Living within my means
Posts: 5128
Location: Randolph, Utah | HorsesNHarleys - 2014-04-16 9:36 AM
This may sound bad.... but why would you report your barrel racing expenses? isn't that just personal exspenses unless you are a trainer or professional barrel racer? Have I been missing something?
I was only claiming the expenses from races if I got a 1099, and I was told to keep track and claim it all.
My horse expenses (vet, feed, etc) was already being used as a deduction because of my cattle.
My lady put it to me that you don't go to a race to lose so keep track of everything and deduct it and claim my winnings.
I'm almost scared to see what I spend every year! Lol |
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 Husband Spoiler
Posts: 4151
Location: North Dakota | I try to always pay everything horse/business related with check so I have a paper trail. I also use Quicken and upload all of my bank account transactions for the year and then I go through and make sure they are categorized correctly. My bank info has the check number by each transaction so I can get my old checkbooks out and make sure everything is in the correct category. My bank also mails me a copy of all the checks I write each month so if I ever lose track of an old checkbook I have my bank statements. Then Quicken will sort it all and show totals of expenses. It will also keep track of income and has a tax section. |
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 Coyote Country Queen
Posts: 5666
| When we started with our accountant almost 10 years ago, he had us get the QuickBooks program. I love it. Easy to use (and I really only use the absolute basics!), easy for him to get my information, and I love that I can go back through the years and see our income and expenses divided into each categories. I don't upgrade my program every year, and that is still fine. I'm currently using 2009, but got 2015 so I'll upgrade to it once I get my tax info back from my accountant. |
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