Hi all,
As I was thinking about racing events and associated expenses, it occured to
me that some people must use a small business and its subsequent
tax/government benefits to stretch their racing passion funding? For
instance like selling something on the side, using this entity to be able to
write off their reciepts and usage of the car? I mean my thought would be
that you'd pay for it anyway, but by doing this, it makes the net expense to
you much less? See where I'm going with this?
I was wondering if many do this, and if there are some suggestions on how to
structure something like this? I can see some major car expenses coming my
way, but to alleviate the burden if I don't quit my day job as a slacker,
heh, then maybe I can run some side business as a distributer of some one off
part or service (that would sell itself) to make what I would normally spend
on the car less come each year end?
I'm thinking aloud right now, but was looking to see if people had any
suggestions on what has been done successfully, if it can be done, and any
other advice.
My thoughts were about setting up a small personal businesses that can be run
as a smart cover for racing expenses and side money (if not alleviate all,
make the finance easier). This is a different discussion than having an
outside sponsor?
Thanks in advance
Salah
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