 Racing as a business |
|
|||||||||
 Nov 23 2005, 04:19 PM
Post
#1
|
|
|
Nothing says 'I love you.' like a box of Hydroshoks  Group: Moderators Posts: 5,284 Joined: 23-December 03 From: Granbury, TX Member No.: 4  |
OK ... I think I have all the elements in place to call my racing a business.
I have been reluctant in the past because in CMC there is no prize money and therefore no attempt at income. But now that I have landed this Texas Driving Experience driver/instructor gig, there is my avenue for income. It is my undersanding that all expenditures that I incur to help me in my driver/instructor role can be deducted. All my safety gear is obvious ... suit, helmet, gloves, underwear, shoes ... But what about the CMC car itself? Could I not contend that without the car, I would have never gotten the job? And to increase or maintain my skill level, I must continue my education as a driver ... enroll in CMC hands on "seminars" ... al of which is deductible ... Right now, I am being paid via a 1099 and as an individual. Should I set up a sole proprietership and have TDE pay the SP? Could I, as an individual, support that SP from my regular income and get a tax break that way? What about my shop where I build and maintain the car(s) ... how would that figure into the equation? |
 |
 
|
 |
Replies
|
Nov 23 2005, 08:47 PM
Post
#2
|
|
|
El Cucci Group: Advanced Members Posts: 291 Joined: 26-December 03 From: Queen Creek, AZ Member No.: 46 |
I work with a guy who is a stunt pilot. We had a conversation on sponsorship opportunities and obtaining them. His advice was to first establish yourself as a marketing type business / consulting type service. Especially if money exchange is involved . And get a good accountant
|
|
|
|
Posts in this topic
mitchntx Racing as a business Nov 23 2005, 04:19 PM
sgarnett I would look into setting up an S-corporation.
T... Nov 23 2005, 04:27 PM mitchntx thanks Sean ...
If this year is gonna be any indi... Nov 23 2005, 04:40 PM trackbird I have to talk to my accountant, but my autocross ... Nov 23 2005, 04:51 PM Absolut Speed Mitch,
How do you look in an orange jumpsuit?
Re... Nov 23 2005, 04:56 PM 35th_Anniversary_AS_Camaro_SS I'm going to be attempting to write off expens... Nov 23 2005, 05:09 PM rmackintosh QUOTE (sgarnett @ Nov 23 2005, 10:27)I would ... Nov 23 2005, 05:22 PM mitchntx QUOTE (Absolut Speed @ Nov 23 2005, 10:56)Mit... Nov 23 2005, 05:23 PM mitchntx QUOTE (rmackintosh @ Nov 23 2005, 11:22)with ... Nov 23 2005, 05:25 PM mitchntx QUOTE (mitchntx @ Nov 23 2005, 11:25)QUOTE (r... Nov 23 2005, 05:25 PM CMC#5 If you're being paid then you are a business. ... Nov 23 2005, 05:27 PM rmackintosh Al is right in all the things you should do to ... Nov 23 2005, 05:42 PM marka Howdy,
Someone else can probably confirm or deny,... Nov 23 2005, 05:52 PM nape I've been wondering about the "rules... Nov 23 2005, 06:20 PM CMC#5 A 1099 takes the place of a W2. Its a statement of... Nov 23 2005, 06:39 PM mitchntx Good discussion and I appreciate all the comments ... Nov 23 2005, 06:42 PM sgarnett As someone already touched on, claiming part of yo... Nov 23 2005, 06:42 PM mitchntx I wonder how one would classify and depriciate an ... Nov 23 2005, 06:57 PM TOO Z MAXX Wow this is very interesting. I own an electrical... Nov 23 2005, 09:43 PM slowTA Wow, you really can find ALL kinds of unexpected i... Nov 24 2005, 01:57 AM nape QUOTE (CMC#5 @ Nov 23 2005, 13:39)Nape...you ... Nov 24 2005, 08:46 AM
sgarnett QUOTE (mitchntx @ Nov 23 2005, 13:57)I wonder... Nov 24 2005, 10:15 AM |
1 User(s) are reading this topic (1 Guests and 0 Anonymous Users)
0 Members:
| Lo-Fi Version | Time is now: 28th October 2026 - 06:47 PM |