Don,
Do you have a business license for your racing? A tax attorney in town (Reno,
NV) had us form a LLC (Limited Liability Corp) several years ago for the
racing. I did that as well as obtaining the required city business licenses.
The wife does the annual taxes and writes off some of our expenses, but not
all. (I think travel expenses and entry fees, but not car maintenance.....
DON'T QUOTE ME ON THAT.. TALK TO A TAX ATTORNEY)! I also claim as income the
money I earn working on other peoples cars. We've never been bugged by IRS, so
we're probably staying on the conservative side of things. Hope that
helps....... You gonna be at the HSR-West Southern Calif Historics at Calif
Speedway in two weeks?!?!
Carl McLelland
CarLynne Racing LLC
Sent: Tuesday, June 01, 2004 5:34 PM
Subject: Tax Deductions in Racing
A friend of mine was advised this year by his tax man to deduct ALL
expenses
related to a race that is a charitable event and that any race at Laguna
Seca is deductible due to the charitable nature of SCRAMP.
Any experts out there have a comment before I refile for the last 5 years ?
Don Queen
|