Start Planning Now

The first thing you need to know about this is, write down EVERYTHING!  Anything that you've done, anywhere you go and any conversations that you have about this business. Do this the moment you start thinking about getting involved in horse racing, trust me on this one.  I know it will be a pain but it can really go a long way toward helping you out on your taxes at the end of the year.  Another thing is to find someone to do your taxes that knows about horse racing, also a big money saver in the end.  I know that the first couple of years we just went to our regular tax person, we did give her some notice about the new buisness so that she could look into it.  Later we found out that there were some rules that she wasn't aware of, they changed the year before, so then we had to look to amend out return.  This waste time and money.