Post by Carole on Dec 18, 2006 23:38:02 GMT -5
TAX OFFICE
Hello Morning Line and Welcome to the tax office where you will find a guide to the new taxes and tax forms.
I know most people (including myself) ABSOLUTELY HATE taxes!! However, think of it this way, your tax money is going to good use! Your tax money is the purse money for multiple races throughout the year. The money is also put into the S&D prize pot.
If you have any questions contact Carole or Jodi and we can get back to you ASAP. You can also respond to the "Tax Questions" topic if it is a question that would benefit everyone.
TAX FORM
Name:
Stable Name:
Forum Name:
Stable Location:
TOTAL RACE WINNINGS from Jan 1-Dec 31 of current year: __________________________
1. Total Race Winnings ______________________ X .05 = _______________________
2. # of Barns (non specialty): X 2500 = ______________
3. # of Specialty Barns: X 5000 = ______________
4. # Acres: ____Acres X 100 = _______________
5. # Training Tracks: Tracks X 5000 = _______________
6. # of Horses: _____Horses X 500 = _________________
# Foals Expected (tax exempt): Foals X 0 = $0000.00
# Horses Retiring to Brood, Stud or Pasture: (Please NOTE: You MUST include Name, #, Age, Status to be retired to)
Total From Lines 1, 2, 3, 4, 5 & 6: $_________________________
Example:
Name: Jane Doe
Stable Name: Me Tarzan, You Jane Racers
Forum Name: Jane
Stable Location: Sydney, Australia
TOTAL RACE WINNINGS from Jan 1-Dec 31 of current year: $235,621
1. Total Race Winnings $235,621 X .05 = $11,781.05
2. # of Barns (non specialty): 2 X 2500 = $5,000
3. # of Specialty Barns: 1 X 5000 = $5,000
4. # Acres: 200 Acres X 100 = $20,000
5. # Training Tracks: 3 Tracks X 5000 = $15,000
6. # of Horses: 40 Horses X 500 = $20,000
# Foals Expected (tax exempt) 10 foals X 0 = $0000.00
# Horses Retiring to Brood, Stud or Pasture: (Please NOTE: You MUST include Name, #, Age, Status to be retired to)
123456789; Jo Blow; 6 years; Stallion
Total From Lines 1, 2, 3, 4, 5 & 6: $76,781.05
EXPLANATIONS
-5% of Total Race Earnings:
These are the RACE WINNINGS brought into your farm by your horses. The winnings must be brought in form January 1-December 31 of the current tax year.
-$100/Acre:
This pays for general maintenance of your property.
-$500/Horse:
The horse tax pays for the horse’s card in the registry, etc (it basically gives the horse the right to exist in ML i.e. Race, breed, etc.).
-$5,000/Track & Indoor Gallops:
This pays for upkeep of your personal tracks and indoor gallops. Includes Hydro Treadmills, Therapy Pools & Equinecisers.
-$5,000/Specialty Barn:
This includes Broodmare, Stallion and Quarantine barns. The bills are much higher in these barns b/c of the special amenities.
-$2,500/Barn (NON-Specialty):
This pays for general repairs and utilities, etc and upkeep of your facility.
Hello Morning Line and Welcome to the tax office where you will find a guide to the new taxes and tax forms.
I know most people (including myself) ABSOLUTELY HATE taxes!! However, think of it this way, your tax money is going to good use! Your tax money is the purse money for multiple races throughout the year. The money is also put into the S&D prize pot.
If you have any questions contact Carole or Jodi and we can get back to you ASAP. You can also respond to the "Tax Questions" topic if it is a question that would benefit everyone.
TAX FORM
Name:
Stable Name:
Forum Name:
Stable Location:
TOTAL RACE WINNINGS from Jan 1-Dec 31 of current year: __________________________
1. Total Race Winnings ______________________ X .05 = _______________________
2. # of Barns (non specialty): X 2500 = ______________
3. # of Specialty Barns: X 5000 = ______________
4. # Acres: ____Acres X 100 = _______________
5. # Training Tracks: Tracks X 5000 = _______________
6. # of Horses: _____Horses X 500 = _________________
# Foals Expected (tax exempt): Foals X 0 = $0000.00
# Horses Retiring to Brood, Stud or Pasture: (Please NOTE: You MUST include Name, #, Age, Status to be retired to)
Total From Lines 1, 2, 3, 4, 5 & 6: $_________________________
Example:
Name: Jane Doe
Stable Name: Me Tarzan, You Jane Racers
Forum Name: Jane
Stable Location: Sydney, Australia
TOTAL RACE WINNINGS from Jan 1-Dec 31 of current year: $235,621
1. Total Race Winnings $235,621 X .05 = $11,781.05
2. # of Barns (non specialty): 2 X 2500 = $5,000
3. # of Specialty Barns: 1 X 5000 = $5,000
4. # Acres: 200 Acres X 100 = $20,000
5. # Training Tracks: 3 Tracks X 5000 = $15,000
6. # of Horses: 40 Horses X 500 = $20,000
# Foals Expected (tax exempt) 10 foals X 0 = $0000.00
# Horses Retiring to Brood, Stud or Pasture: (Please NOTE: You MUST include Name, #, Age, Status to be retired to)
123456789; Jo Blow; 6 years; Stallion
Total From Lines 1, 2, 3, 4, 5 & 6: $76,781.05
EXPLANATIONS
-5% of Total Race Earnings:
These are the RACE WINNINGS brought into your farm by your horses. The winnings must be brought in form January 1-December 31 of the current tax year.
-$100/Acre:
This pays for general maintenance of your property.
-$500/Horse:
The horse tax pays for the horse’s card in the registry, etc (it basically gives the horse the right to exist in ML i.e. Race, breed, etc.).
-$5,000/Track & Indoor Gallops:
This pays for upkeep of your personal tracks and indoor gallops. Includes Hydro Treadmills, Therapy Pools & Equinecisers.
-$5,000/Specialty Barn:
This includes Broodmare, Stallion and Quarantine barns. The bills are much higher in these barns b/c of the special amenities.
-$2,500/Barn (NON-Specialty):
This pays for general repairs and utilities, etc and upkeep of your facility.