[john2000 lpe]

anyone here using their race team as a business expense? im in the process of starting my own race team. i own my own business for the past 20 years, and figure i could write off my racing expenses as an advertising business expense. my uniform and car are both lettered with my company name. and my website will show information on our racing program. is there any one here with this type of experience. of course my accountant tells me to talk to a financial advisor, my private banker account managers tell me to talk to my tax man, and my financial advisor tells me to talk to my banker.

[CMC #37]

www.geckoranch.com (IMG:http://www.frrax.com/rrforum/style_emoticons/default/wink.gif)

[PeteL]

Julie,
If you don't mind me asking, what expenses do you write off? All your race day expenses? The initial cost of the car? Travel mileage, etc.

My wife owns an engineering firm and I could definitely see this as a very nice deduction for simply putting the name of her business on a car I'm going to race anyway, etc.