TIP - ALWAYS seek the help of professionals and experts when needed.


Legal

TIP - Document equine sales in writing.


Member Comments:

Do not think for one moment that law and justice
are interchangeable.

Visit www.judicialwatch.org to stay informed.

You know you have a good thing going when
people try to steal it.  Protect what belongs to you.

Never be afraid to fight for truth.

Remember, an agreement resulting from
deception is not binding; consult your attorney
if you feel you have been decieved.

Document, document document!  Remember, if it
is not in writing, it did not happen.

One who intends injury to another may be guilty
of a crime.

A man who acts as his own attorney has a fool
for a client.

Retain an attorney when needed. Do not try to do
it on your own.

One party to a contract will lose when fraud is
introduced.

Do what you can to fight fraud by fighting back
and not ignoring it.

Unfortunately, justice can be costly but it is so
sweet!


Quotable Quotes:

"Lawyers who believe in equal justice for
everyone must recognize that when a client
is the victim of legal malpractice, he or she
is entitled to have the claims heard.  If lawyers
will not represent people against lawyers, our
system of justice fails."  ~Pete Burns

"Perfection in the law is impossible."  ~Unknown

"Make crime pay - become a lawyer."  ~Unknown

"A good lawyer knows the law; a clever one takes
the judge to lunch."  ~Unknown

"You have the right to remain silent.  Anything
you say will be misquoted, then used against you."
~Unknown

"If you hire a lawyer, you should get another
lawyer to protect you from your first lawyer." 
~Author Peter J. Syrek
___________________________________

ATTORNEY #1:  "Should we suggest they settle?"
ATTORNEY #2:   "Might as well...the money is all
                                 gone."  ~O.T
___________________________________

"Attorneys will suck you dry."  ~Eric B.

"Attorneys are master manipulators of the English
language."  ~Unnamed Attorney

"An expert is a man who has made all the
mistakes, which can be made, in a very narrow
field."  ~Neils Bohr

 
Equine, Tax & Entertainment Law

B. Paul Husband focuses his law practice on
business and tax matters, particularly those
matters involving the horse business and
entertainment business.  Federal tax
representation of horsemen is his most
significant professional concentration.  He is
a horse owner, breeder, retired show judge
and lifelong horseman, and we thank
him for his informative articles on
Successsful Sales.


 

Accounting

TIP - Consider switching from a credit card to a debit card to prevent the high interest rates.

TIP - Keep track of ALL expenditures.

TIP - Seek investment advice.

TIP - Write down your goals and go over them weekly.

TIP - Check into refinancing while interest rates are still at historic lows.

TIP - Develop a business plan and don't forget to include an exit strategy.

TIP - Keep good records - they are an absolute must.

TIP - Secure the assistance of an accountant to help you set up a simple bookkeeping system if maintaining records are not your strong suit.


Member Comments:

Of the following, who would you say is a millionaire?  1)  Is it the individual who has no debt and one million dollars in the bank and no other assets?  2)  Is it the farmer who has no debt and sells his farmland to a willing buyer for one million dollars?  3)  Is it the businessman who has no debt and sells his business to a willing buyer for one million dollars?  4)  It is the horseman who has no debt and sells his herd of horses to a willing buyer for a million dollars?  The answer, of course, is simple...it is all of the above.



QUOTABLE QUOTES:

"Small opportunities  are often the beginning of great enterprise".  ~Demosthenes

"Remember:  being average is as close to the bottom as it is to the top."  ~Elmer Crump

"We cannot do everything at once, but we can do something at once."  ~Calvin Coolidge

"There is no such thing as an overnight success.  Learn from the history of your business heroes."  ~Adam Anderson

 

Appraisers

TIP - Choose an experienced appraiser with proper credentials.


Member Comments
:

Equine appraisers are occassionally retained to determine a fairly objective value as there is no "Blue Book" for horses. 

Remember that certain considerations are not taken into account such as the need for a firesale.

Changes in economic climate can affect appraised value.

Because appraising is not an exact science, appraisals will differ.

Financial institutions generally use the lower of the sale price or appraised value when lending.


Taxes

TIP - The easiest way to avoid an IRS audit of an equine business is to consistently make a net profit each year.


Member Comments:

If you owe taxes, that is a good thing!  It means you are making money and that is certainly better than the alternative.

IRS Mission Statement:  We are happy when you are unhappy.

Taxes, like death, are inevitable.


Quotable Quotes:

"The taxpayers are sending congressmen on expensive trips abroad. It might be worth it except they coming back!" ~Will Rogers

"Buy why does a slight tax increase cost you $200 and a substantial tax cut save you 30 cents?"  ~Unknown

"Income tax has made liars out of more Americans than golf."  ~Will Rogers

"An expert is someone who knows some of the worst mistakes that can be made in his subject and how to avoid them." ~Werner Heisenberg


 
December 31, 2013 Deadline...

The PHRI received notice from Ford Program Headquarters that thanks to IRS Section 179 of the IRS tax code, many businesses that invest in new equipment will be able to write off up to 100% of these purchases on their 2013 IRS tax returns.  Normally businesses spread these deductions over several years.  But now, the tax benefits provided under IRS Section 179 allow many businesses to write off qualifying new equipment in the first year it is placed in service.  Many thanks to Ford for this timely reminder of the deadline.  Note that this information was provided as a public service and should not be construed as tax advice by either Ford or the PHRI.  For more information, consult with your tax professional and contact your local Ford dealer.

 
Suggested Reading

"Whatever Happened to Justice"
by Richard J. Mayberry

This book is an informative read as far as justice and the United States legal system is concerned and can be purchased by contacting Bluestocking Press at 1-800-959-8586. For more information, visit www.BluestockingPress.com.

Other Bluestocking Press titles that may be of interest include:

"Business: It's All About Common Sense"
by Kathryn Daniels and Anthony Joseph

"Whatever Happened to Penny Candy"
by Richard J. Mayberry

"Capitalism for Kids: Growing Up to be Your Own Boss"
by Karl Hess

"Economics: A Free Market Reader"
edited by Jane Williams and Kathryn Daniels


__________________________________________________
__________________________________________________

Make member contributions to PintabianBiz by phone, mail or E-Form.
__________________________________________________
__________________________________________________


 

Copyright © 2018. All rights reserved. Pintabian horse, PartPintabian, PintabianBiz and Pintabian BlogSpot are international marks.