Running an equestrian business comes with its unique set of challenges, from managing stables, caring for horses, attending (or hosting) shows, and handling client relations. With so many things on your plate, it is easy to overlook the financial aspects of your daily operations. Margins can be tight and things like saving for retirement or self-care are easy to push aside when there isn’t enough money left at the end of the month. Having a CPA on your side can be a game changer, bringing a wealth of expertise to ensure the financial health and success of your equestrian venture. So, how exactly can a CPA benefit your business? Let’s find out:
Time Efficiency
Business finances can be a time-consuming task, especially if you’re not experienced in them. By hiring a CPA, you will be delegating these tasks to an expert, which will allow you to focus on other areas of your business that you’re better at and you enjoy more.
Ensure Tax Compliance While Maximizing Tax Deductions
Failing to comply with tax regulation can result in costly penalties and fines. A CPA with experience in the equestrian industry will know how to ensure you remain compliant while maximizing all legal tax deductions and credits your business qualifies for.
Maximize Profit
There are a number of ways in which a CPA can help you make sure the assets in your equestrian venture are used in the best ways - from determining important financial indicators, managing costs and selecting vendors, calculating the cost-effectiveness of investments such as marketing and equine acquisitions, to tax planning - all these actions can help increase your earnings.
Financial Reporting
A CPA can help you close out your books and prepare financial reports at the end of the year. They can identify and prepare various tax compliance reports to ensure you are compliant in areas such as income tax, payroll tax, business personal property tax, and sales taxes.
Budgeting for Decision Making
A CPA will help you identify your available capital, estimate your spending, and guide you in making sound business decisions. This proactive approach will assist you in planning for future growth.
At Parks Tax & Consulting PLLC, we specialize in the equestrian industry, click here to check out our equestrian service packages. These packages are a sampling only. Please reach out to see how we can tailor our services to meet your unique needs.
This post may not contain a complete analysis of the tax issues discussed herein and does not represent official conclusions or advice regarding the matter.