[Rob Hood]

What do you guys/gals spend for your annual racing budget? I'm interested in knowing what it costs to race per event. Things like entry fees, fuel, tires, lodging, food, etc. I'm trying to plan a budget to present to the Finance Committee (wife) so she has an idea what we need to spend. I am not including any expenses relating to initial vehicle purchase or preparation.

I am using a value of 10 races in a season, some local, some not. I do realize that I may end up in a region that could have more or less races, so I just decided to use 10 as a nice even number.

[AllZWay]

I am running my dirt track operation as a business. I also bought the book for ideas and talked with other racers.

The key is documentation.... You must keep a very detailed set of books.

You do NOT have to earn prize money to consider it a business... IF you sell advertising (sponsorship) and have the INTENT to earn a profit then you can claim a business expense.

In the dirt track racing it is a little easier since we earn a paycheck almost every week and the track files a 1099.

I also sell used parts from parts cars to help suppliment the INTENT to earn a profit.

My accountant and the Racer's Tax Guide book both stress the need for detailed records in case of an audit to prove your INTENT to earn a profit.