Tax Court Opinion Makes It Easier For Farriers To Deduct Home Office Expenses

While it has been possible in the past for shoers to deduct the cost of an office in the home that is used 100 percent for business purposes, a new U.S. Tax Court opinion may make it possible to do so even if the room is used for some personal uses. But one caution is that this opinion went against the existing tax law, which requires a room be used “regularly and exclusively” for work in order to take a home office tax deduction.

While tax court opinions are not considered as a precedent that can be cited by other taxpayers for legal justification, such opinions offer insights as to how the Internal Revenue Service might view a certain situation. As a result, your accountant needs to consider these tax rulings when preparing your tax return.

Other Industry News...

  • Veteran farrier David Ferguson of Cambridge, Md., is offering 5-, 6- and 7-day programs aimed at helping shoers complete all levels of certification and to improve the quality and efficiency of their daily work. These programs feature both hands-on experience and classroom sessions that are geared toward helping you improve forging and shoeing skills.
  • During the annual meeting of the Guild of Professional Farriers held at the National Museum of Horseshoeing Tools and Hall Of Honor in Sulphur, Okla., in Okla, the following officers and directors were reelected for another term: president — Henry Heymering, Frederick, Md.,  vice president — Mark Plumlee; secretary — Dave Millwater; and treasurer Joe Duriga.

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