The Legit Ledgers Blog

Horses: Fixed Asset or Inventory?

Horses: Fixed Asset or Inventory?

Do you ever wonder if your horses should be classified as fixed assets or inventory? This important distinction can play a key role in your how your taxes are reported each year! ...more

Business Owners ,Equine Bookkeeping

September 25, 20243 min read

What You Didn't Know About 1099s - Vendors need them too!

What You Didn't Know About 1099s - Vendors need them too!

Many of the vendors you use such as vets, farriers, chiropractors, stable owner's etc. need 1099-NECs at year-end. Don't give the IRS a reason to come after you! Use our free guide to determine who yo... ...more

Equine - Tax Tips ,Business Owners

August 30, 20244 min read

Are My Barn Workers Contractors or Employees?

Are My Barn Workers Contractors or Employees?

Avoid the headache, penalties, and lawsuits by determining if your horse barn workers are contractors or employees by using the guidelines provided by the IRS. ...more

Equine Bookkeeping

July 30, 20243 min read

Checklist for Keeping Your Horse Business's Bookkeeping on Track

Checklist for Keeping Your Horse Business's Bookkeeping on Track

With how busy your horse business keeps you, how can you possibly remember every single bookkeeping task you need to do regularly to stay compliant, keep tax season simple, and analyze your business's... ...more

Equine Bookkeeping

July 11, 20241 min read

Four Simple Ways to Start Your Small Business Off on the Right Foot

Four Simple Ways to Start Your Small Business Off on the Right Foot

When making a new business official, you don’t always have funds available to hire a bookkeeper/accountant to show you the ropes for how to keep your business compliant and out of trouble with the IRS... ...more

Business Owners

April 27, 20223 min read

14 Tax-Deductible Expenses for Veterinarians

14 Tax-Deductible Expenses for Veterinarians

If you spend day in and day out caring for the animals who come to you for help, you don’t have the time to waste researching all the ways you can save on taxes for the year. Discover 14 tax-deductibl... ...more

Verterinarians

April 05, 20225 min read

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