Will it may be to late for this year, but what are some of the creative ways to write off your racing habit?
hahahahahhaha..............dont give too much advise if you have absolutely no idea what your talking about............just some friendly advise...................you can use your company such as joe's construction as your advertiser for your car and write it off as a marketing expense
You can... just don't write things off in excess and SAVE receipts and documentation proving what you are writing off!Can you invets in your race team with $ from your other company and write it off?
VERY true!! I have taken taxation classes and do accounting for a living... you have to be wise and at least MOSTLY honest with your write offs or else it will be a serious pain in the butt later on!!Be careful, IRS has developed a training class for their auditors just to look for such racing expense (lost). Trust me, gone thru tax audit twice.
Case one: If you own a business, why didn't you sponsor others pro teams to run your company logo, sponsoring yourself makes it a hobby
Case two: Need to show, how your XYZ type business benefits from an off-road racing in BAJA?
Case three: Can't support your racing hobby with your actual full time job's income and expect IRS to give you a tax discount.
end up Paying the man with 25% penalty and 10% interest. Not good.
Need a good CPA and Law man to help you fight the case, and these guys are not cheap. Deduct upto your winning $$ no more.
LOL, ya we ad to re plumb one of our trucks, and as you now the fast truck on the road is a company truck, so we had to up grade the brakesI dont race,What are you talking about.Man my work truck went threw a lot of trannys this year and they sure dont make tires like they use to.