 sponsership questions |
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 Apr 22 2009, 02:33 PM
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#1
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Advanced Member  Group: Advanced Members Posts: 264 Joined: 31-July 07 From: Virginia Beach Member No.: 1,870  |
Hey guys,
My wife just started a new business and said I could put her logo and such on my car for marketing purposes. Do any of you guys plug your own business on you car at events? If so, do you deduct your expenses? Some of the local guys do, just wanted to know if there are any pitfalls and what you can expense and what to stay away from. |
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Apr 22 2009, 04:13 PM
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#2
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CMCer Group: Moderators Posts: 2,932 Joined: 12-February 04 From: the sticks near VIR Member No.: 194 |
QUOTE (Beach Cruiser @ Apr 22 2009, 09:33 AM)  Hey guys, My wife just started a new business and said I could put her logo and such on my car for marketing purposes. Do any of you guys plug your own business on you car at events? If so, do you deduct your expenses? Some of the local guys do, just wanted to know if there are any pitfalls and what you can expense and what to stay away from. I do, have geckos all over my car, also my website info. (IMG:http://www.frrax.com/rrforum/style_emoticons/default/smile.gif) Just let your tax person deduct what they think the IRS will allow. This has gotten more restrictive lately unfortunately, but it is something. |
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Apr 22 2009, 08:06 PM
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#3
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Angry White Man Group: Advanced Members Posts: 268 Joined: 11-October 06 From: Port Colborne ON CAN Member No.: 1,404 |
This will be my first year doing that also and I'm going to try and get away with as much as I can. All decals/paint work I will try for 100% write-off, and then maintenance on the car will be at 50%. My car is a dedicated track car though which might be different than in your case.
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Apr 23 2009, 04:05 PM
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#4
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Advanced Member Group: Advanced Members Posts: 651 Joined: 3-September 05 From: Chicagoland Member No.: 876 |
I pretty much deduct all my racing expenses from the depreciation of the car to the new to me ABS module I'm about to put in. The car is one of my forms of advertising. However my buisness is directly related to my racing, so I think it's a little more obvious that without the racing it would be difficult to sell Tire Blankets.
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