Anyone write off their race this year with taxes???

[DrumFunKen]

So i'm slowly learning that I could be writing a lot of shit off with my car on taxes. I didn't do it this year cause I found out kinda late, but my roomate did, and after talking to some tax specialist if you form a sole proprietorship and claim racing as a second job you can right off all sorts of stuff from parts, to travel expenses, to tires and what nots. The catch is you can write it off as a loss, as long as you didn't win any money in competitions.


So if you didn't know, you may want to inquire with who ever does your taxes. :bigthumbu

 

[MiaS13]

this shows you have to much time in orlando

 

[DrumFunKen]

this shows you have to much time in orlando

I know right

 

[Jay_Dub]

So i'm slowly learning that I could be writing a lot of shit off with my car on taxes. I didn't do it this year cause I found out kinda late, but my roomate did, and after talking to some tax specialist if you form a sole proprietorship and claim racing as a second job you can right off all sorts of stuff from parts, to travel expenses, to tires and what nots.


So if you didn't know, you may want to inquire with who ever does your taxes. :bigthumbu

Damn. im gunna have to look into that. thanx man

 

[ngibson]

I use my car for work, I wrote off all my mileage used during work hours. But you can only do either mileage reimbursement or parts if I remember correctly. The govt. will reimburse around 47c a mile I think. Adds up when you travel 28miles one way minimum daily.

 

[nfs_emo_fag]

i was able to write off 14k late year with my work truck and my car.

 

[El Abe]

Damn i gotta get on the ball with this thanks for letting us know.

 

[DrumFunKen]

you know I thought this thread would have seen a lot more posts by now considering you can get money back from the government for racing and all. LoL.

The guys on the V8RX7 forum have layed it all out for me. Bottom line make sure all your paperwork is in order cause your chances of getting audited are pretty high. But this is perfectly legal to do, as long as you do it right.

 

[boxmod]

my neighbor /friend of family for 20+ years is a tax attoney (for 30 years) and I have filed my racing as a business and taken deductions for the last 3 years!

I keep track of my gas/food/expenses on trips, entry fees, parts I buy, truck expenses, hotel stays, tire mounting fees, all that shit. Anything to do with the racing or the trips = deductions. I don't know all the fancy stuff he does but its sweet.