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Farrier Industry Report

A newsletter of the Farrier Industry Association - December 2018

A Message from FIA President Dan Bradley...

Season Greetings to all FIA Members! 

Needless to say it has been a very interesting year. We must send all our condolences to the people who have been affected by the hurricane’s, floods and tornadoes this year. They have taken a toll on the life and property of so many people.  My we all send our prayers and best wishes to all those people and also to our own Jean Weiss whose Father passed away recently.

As we all come to the end of this year.  We hope that everyone had a good profitable year and that the percentages are on the rise.  As the Equine business changes and the competition for clients remains tougher, our business will must learn to adapt to the changes in the industry.  The demographics of our industry has gone from approximately 9 million domestic horses to 6 million.  Farriers & hoof trimmers are changing also.  The “old” guard is retiring and be it good or bad, traditional methods and equipment are changing.  As individuals within our industry we all are going to have to adapt to the “new” generation of people coming into the Equine world.

So what is all this babbling about, well, the American Farrier’s Association is coming in March 2019 and I encourage all the members to attend even if you will not be a vendor at the FIA MarketPlace.  This is the largest gathering of Farriers you will be exposed to.

The American Farrier’s Convention in Tulsa has the potential to be larger than our very successful convention in Reno, NV.  The work that the convention committee has put into this coming convention is just outstanding.  All the work of Jean Weiss and Emily Bull have put into this past year will prove itself in Tulsa.

We will have a business conference that will be good for all to attend, Rob Michaels of Oleo Acres has arranged for an excellent and entertaining speaker who will bring us all into the new area of marketing to the new generation.  Be sure to attend.  Tulsa is centrally located in our great Country and easy to fly or drive into.  Be sure to attend.

May everyone have a wonderful Christmas and a prosperous and safe New Year!  Always remember that you can reach myself anytime.


Dan Bradley

Join Us!

FIA Membership Meeting & Business Conference

in conjunction with the AFA Convention & FIA MarketPlace

Baxter's Interurban Bar & Grill
717 S Houston Ave #100 | Tulsa, Oklahoma
Just around the corner from the Convention Host Hotel

5pm Exhibitor Badge Pick-up**
5pm Cocktails & Networking 
6pm Dinner
6:30pm  Membership Meeting
7pm Guest Speaker Mark Wabschall
8pm Networking 

2 Complimentary Tickets per Member Company; Guests $30 each
Advance Registration Required.

Click here to download Registration Flyer!

Mark Wabschall
Mark has over 40 years of experience as a Financial Executive. Over his career he has directed the acquisitions of 25 companies with a combined valuation of nearly 2 billion and raised over 1 billion of debt and equity. Unlike most CFO's, Mark is also a Certified Magician and entertains children and adults alike. The presentation will walk you through how to prepare your business for acquisitions and how to review financial statements to determine your business value.

MarketPlace Report
Emily Bull, Chair

Planning is going strong for the AFA Convention & FIA MarketPlace will be in TULSA, OKLAHOMA, March 4 - 8, 2019!

Exhibitor registration has been going strong! We have a large convention center space for MarketPlace in Tulsa and have been able to add more booth space, so there is plenty of room to add more exhibitors!  

Click here to download an exhibitor packet!

Some important new changes during Convention will include:

  • NEW all day Horse Anatomy Lab on TUESDAY open for all registered attendees. 
  • TUESDAY off-site FIA Business Conference & Membership Meeting
  • FIA Badge pickup on TUESDAY will only be at the Membership Meeting

Click here to see the updated Convention schedule.

We can't wait to see you in Tulsa!!

Grants Program
Audrie Salsbury, Chair     

The FIA offers six grants per year to members (3 in Spring, 3 in Fall). We have three 2019 spring grants now available!  If you are hosting a clinic between January 1 and June 30, 2019, the FIA would like to help!    

Click here for grant application.

Visby Products 2018 Clinic

Thank you to everyone who has renewed for 2019. Your support is greatly appreciated! If you haven't had a chance to renew yet, click here to download a membership form, 
or renew online.

Audrie Salsbury, Chair

Nominations have gone out to all members for Board Nominations. We will elect 2 officer positions and 2 board positions for 2 year terms starting in 2019.

This year elections will be held during the TUESDAY, March 5th  Membership Meeting & Business Conference in Tulsa during the AFA Convention.  Click here for more details on registering for the complimentary dinner, membership reception and Membership meeting.

Ballots for the election will go out to all FIA members in the first of the year prior to the meeting. Ballots can also be picked up at the membership meeting. Remember, only one vote per member company!

Business to Business

2018 TAX TIPS!

Meals And Entertainment Deduction
One of the changes from the Tax Cuts and Jobs Act that will impact almost every business is the change to the meals and entertainment tax deduction. Before the TCJA, Businesses were allowed a 50% deduction for both meals and entertainment and even 100% deductions for employee meals. Now, businesses will only be allowed a 50% deduction for all meals and no deduction for entertainment expenses. As always, there are exceptions, including a 100% deduction for company picnics and holiday parties. It is even more important now to report these items separately on your income statement to maximize your tax deduction.   -Stephanie Spangler, Anders CPAs + Advisors

Contributing To Your IRA
If you’re an individual, consider increasing or contributing to your IRA or your employer’s retirement plan (401[k], 403[b], etc.). IRA contributions can be made as late as April 15, 2019, and still be deducted on your 2018 tax return. This is an easy way to pay yourself, save for retirement and reduce federal and state taxes. If you contribute to a Roth IRA or Roth 401(k), you don’t get a deduction, but the earnings grow tax-free and, if held long enough, distributions are tax-free.   -Cory Gallivan, Scheffel Boyle

Establishing A Retirement Plan
If you’re a business owner, consider establishing a retirement plan. This is an easy way to reduce taxes and help you and your employees save for retirement. Most plans need to be set up before the end of the year. A SEP-IRA could be set up as late as the due date of your business’s tax return, including extensions. Some plans are funded by employer contributions, others by employee contributions and some by a combination of the two. Talk to your tax adviser about the options you have.  -Cory Gallivan, Scheffel Boyle

Purchasing Equipment/Paying Down Debt
Restaurant and brewery owners with excess cash on hand at year-end should consider purchasing equipment or paying down any existing debt. The purchase, outright or financed, of new or used equipment in 2018 is eligible for accelerated depreciation, which could result in significant tax savings. Additionally, paying down existing debt, including debt on the aforementioned equipment purchase, could reduce the amount of interest paid, which may otherwise be disallowed on the company’s tax return due to the new business interest limitation rules. Working with a qualified professional can help restaurant and brewery owners effectively plan for year-end and beyond.  -Tim O’Neill, Mueller Prost CPAs + Business Advisors

529 Savings Account
If you have children attending an elementary, secondary or post-secondary school, consider using distributions from a 529 savings account to pay for their tuition. Contributions to these plans may be a deduction on your state income tax return in the year a contribution is made. Distributions up to $10,000 per year including earnings are generally tax-free as long as they are used to pay for qualified education expenses including tuition, fees, books, supplies, and required equipment, as well as reasonable room and board if the student was enrolled at least half-time in a post-secondary institution.  -Bradley Danner, Becker and Rosen CPAs LLC

Standard Deduction
The standard deduction has been increased to $24,000 for joint filers and $12,000 for single filers under the new tax law. As a result, fewer taxpayers will benefit from itemizing deductions, and this could mean your charitable contributions will not yield tax savings. If this applies to you and you are over age 70½, consider qualified charitable distributions as a means to taking your required minimum distribution from your IRA, 401(k) or other employer retirement account. Doing so will reduce your adjusted gross income, potentially increase tax credits and deductions, and ultimately lower your tax liability.  -Madeline Brinker, Becker and Rosen CPAs LLC

Federal/State Withholdings
The approach of a new year warrants a review of your pay stub. Consider changing your federal and state withholdings if you have had a change in personal circumstances or anticipate a large tax bill or refund for 2018. Take full advantage of all employee benefit plans including pre-tax contributions to your employer’s flexible spending account or health savings account. HSA contribution limits are $3,500 (single) and $7,000 (family) for 2019. Maximize your employer-sponsored retirement plan contributions. The IRS has launched a series of YouTube videos and plain-language tax tips to assist with your paycheck checkup.  -Kathleen Keeven, Becker and Rosen CPAs LLC

Donating To Charity
Are you 70½ or older? Consider donating all or a part of your required minimum distribution from your retirement plan directly to a qualifying charity. You will effectively reduce your taxable income!  -Nathan Laurentius, Schmersahl Treloar & Co. PC

Pro Forma Your 2018 Taxes
Pro forma your 2018 taxes as soon as possible. Because of the new tax law changes and modified standard withholding, you may be in for a surprise next April. It may not be a good one!  -Paul Meier, Schmersahl Treloar & Co. PC

If are close to the itemized deduction threshold ($24,000 for MFJ), consider bunching deductions into one year in order to claim more than the standard deduction. Consider bunching charitable deductions, medical expenses and taxes paid.  -Mark O’Donnell, Schmersahl Treloar & Co. PC

Filing Deadlines

  • Due date for filing Form W-2s and Form W-3 is Jan. 31, 2019, whether you use paper or file electronically.
  • Due date for filing to the IRS Form 1099-MISC Box 7 nonemployee compensation is Jan. 31, 2019. The IRS has again increased the penalties. Penalties will apply after the filing deadline. Penalties range from $50 to $270 per return with a maximum of $1,094,000 for small businesses.
  • All other Form 1099s, such as rent or interest, are still due to the recipient by Jan. 31, 2019, but can be uploaded to the IRS by March 31, 2019.
  • Partnership and S corporation tax returns are due March 15, 2019.
  • Corporate tax returns are due April 15, 2019.
  •  Individual tax returns are due April 15, 2019.

-Sandra M. Furuya, Wamhoff Accounting Services

SOURCE:  St. Louis Small Business Monthly

Farrier Industry Association
4059 Iron Works Parkway  | Suite 1                                          L
exington, KY 40511

T: (859) 233-7411  | Fax: (859) 231-7862

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