I know it sounds weird to some but I would like info from people that use there Drag Race as a business. I'm not trying to quit my day job but I want to be able to use it as a business and get all the tax perks that come with owning your own business.

Links and/or Books would be cool too.

 

talk to local dirt track guys most here do it but i have no idea how to

 

A lot of people do this. You might get more responses on DragRaceResults.com in the General Discussion Forum.

 

I put a post over there...I just have to wait until they approve my account.

 

If you put the name of your business on the side of the car, along with a phone number or website address, and have business cards that you hand out at the track, then you can consider the entire vehicle and expenses to be an advertising expense, which is deductable right off the bottom line. I am not an accountant but this is the advice my accountant gave me about six years ago and I have not had any IRS problems in relation to my racing activities.

However the car is wholly owned by the company, registered to the company, and insured by the company. The fuel expenses are charged to the company, along with all receipts.

 

there is actually a book that people have mentioned to me before about how to run your race team as a business.the dirt track guys definately know this stuff.

 

Thanks all.
My wife is an independant contractor in the IT industry so I think were going to sit down this year with an accountant to get our taxes worked out and establish a payment regiment for next year.

Ted you gave me an idea of how to make all of this work as a sub business on my wife's business. This will allow us to run a successful business with the assoiated tax write offs for advertisement and sponsorship.
Thank you very much.

NJspder,
If you think of that book let me know.