 racing as a business |
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 Feb 6 2007, 02:16 PM
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newbie Group: Members Posts: 8 Joined: 5-February 07 Member No.: 1,650  |
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.
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Feb 7 2007, 05:03 PM
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CMCer  Group: Moderators Posts: 2,932 Joined: 12-February 04 From: the sticks near VIR Member No.: 194 |
www.geckoranch.com (IMG:http://www.frrax.com/rrforum/style_emoticons/default/wink.gif)
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Feb 7 2007, 05:36 PM
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#3
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Member Group: Advanced Members Posts: 233 Joined: 27-December 03 Member No.: 53 |
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. |
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Feb 8 2007, 08:24 AM
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#4
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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 |
QUOTE (PeteL @ Feb 7 2007, 11:36 AM)  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. Another pitfall is putting company logos on the side of trailers. The DOT has some interesting regulations about inter- and intra-state commerce. |
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Feb 11 2007, 01:08 AM
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#5
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CMCer Group: Moderators Posts: 2,932 Joined: 12-February 04 From: the sticks near VIR Member No.: 194 |
QUOTE (mitchntx @ Feb 8 2007, 03:24 AM) QUOTE (PeteL @ Feb 7 2007, 11:36 AM) 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. Another pitfall is putting company logos on the side of trailers. The DOT has some interesting regulations about inter- and intra-state commerce. I remember that experience you had Mitch! Makes me leery of doing that. |
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Posts in this topic
john2000 lpe racing as a business Feb 6 2007, 02:16 PM
mitchntx http://www.frrax.com/rrforum/index.php?sho...amp;h... Feb 6 2007, 03:38 PM CMC #37 QUOTE (john2000 lpe @ Feb 6 2007, 09:16 A... Feb 6 2007, 05:05 PM john2000 lpe thats what i was hoping. i read the other racing ... Feb 6 2007, 05:23 PM CMC #37 Indeed, I have a section on my website for the rac... Feb 6 2007, 11:50 PM TOO Z MAXX What kind of business are you in? Feb 7 2007, 05:26 AM
CMC #37 PM me in a few days for details, I am going down s... Feb 7 2007, 09:24 PM |
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