Tax Write-Offs?

***Smourj21*** · 10-12-2009, 11:02 PM

Has anyone written off their parts, fuel, etc. for competition sled pulling or drag racing? Having sponsors and what not giving you money is a source of income so i would think you could write it off? I know the dirt track race guys can do it around here, so i would think sled pulling would fall in the same category. so basically any fuel, oils, parts...anything can be written off, anyone have incite?

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***Smourj21*** · 10-12-2009, 11:40 PM

bumpity!!!

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JDiepstra · 10-12-2009, 11:43 PM

Well let me ask you this, what is the name of your business? Does it have a tax ID number or are you operating under a DBA? I hope you realize that if this business of sled pulling or drag racing is not making you much money, you can't write much off anyway. If your business is showing negative earnings all the time, your BS business will be ripe for an IRS audit.

Last edited by JDiepstra : 10-12-2009 at 11:49 PM.

Shainer · 10-12-2009, 11:55 PM

Quote:

Originally Posted by JDiepstra

Well let me ask you this, what is the name of your business? Does it have a tax ID number or are you operating under a DBA? I hope you realize that if this business of sled pulling or drag racing is not making you much money, you can't write much off anyway. If your business is showing negative earnings all the time, your BS business will be ripe for an IRS audit.

Yup he nailed that square on.

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'98 24v. 5 speed. 4" exhaust. Some extra air and fuel here and there... The anti-Union.

***Smourj21*** · 10-13-2009, 04:15 PM

well my brother owns a small concrete company....so how do the dirt track racers get away with just buz they get a higher payout?

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Andrew Allen · 10-15-2009, 11:37 PM

start a business, and use it as a write off and call it "advertising"

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03 Dually with Smarty W/ TNT, FASS 150/150, Stage 1 CP3, K&N, 6 speed W/ Prototype Single Disk Feramic Clutch, Boost Elbow, 2" leveling kit, 295/70/r17 Nitto Terra Grapplers, A-Pillar Triple Gauge pod

**Electric_Cowboy** · 11-07-2009, 01:05 AM

Quote:

Originally Posted by Andrew Allen

start a business, and use it as a write off and call it "advertising"

Interesting... gonna have to remember that one.

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10-12-2009, 11:02 PM	#1 (permalink)
*Smourj21* Pull It Till It Breaks! Join Date: Nov 2007 Location: Green Bay, WI Posts: 1,416 Thanks: 14 Thanked 26 Times in 22 Posts Smourj21's Truck Pics	Tax Write-Offs? Has anyone written off their parts, fuel, etc. for competition sled pulling or drag racing? Having sponsors and what not giving you money is a source of income so i would think you could write it off? I know the dirt track race guys can do it around here, so i would think sled pulling would fall in the same category. so basically any fuel, oils, parts...anything can be written off, anyone have incite? __________________ Leveled 2002 Short Bed Quad Cab 6 Speed SHO \| MBRP 4" Duals \| Short Shift \| Valair DD \| Edge A2 \| BD HRVP44 \| Airdog 150 \| CFM+ \| BD Steering Stabilizer \| Brite Box\| 3pc Exhaust Manifold \| DDP 250HP sticks \| 35" Toyo MT's on 18" Driiv Offroad \|Bilstein 5100's\| Dana 60/80 \| 3:55's \| Detroit TrueTrac \| Traction Bars\| HX40/S475 TWINS\| \|520hp/1132tq With the 200's\|

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10-12-2009, 11:40 PM	#2 (permalink)
*Smourj21* Pull It Till It Breaks! Join Date: Nov 2007 Location: Green Bay, WI Posts: 1,416 Thanks: 14 Thanked 26 Times in 22 Posts Smourj21's Truck Pics	bumpity!!! __________________ Leveled 2002 Short Bed Quad Cab 6 Speed SHO \| MBRP 4" Duals \| Short Shift \| Valair DD \| Edge A2 \| BD HRVP44 \| Airdog 150 \| CFM+ \| BD Steering Stabilizer \| Brite Box\| 3pc Exhaust Manifold \| DDP 250HP sticks \| 35" Toyo MT's on 18" Driiv Offroad \|Bilstein 5100's\| Dana 60/80 \| 3:55's \| Detroit TrueTrac \| Traction Bars\| HX40/S475 TWINS\| \|520hp/1132tq With the 200's\|

10-12-2009, 11:43 PM	#3 (permalink)
JDiepstra Posting Suspended Join Date: Sep 2007 Location: MI Posts: 4,085 Thanks: 8 Thanked 96 Times in 77 Posts JDiepstra's Truck Pics	Well let me ask you this, what is the name of your business? Does it have a tax ID number or are you operating under a DBA? I hope you realize that if this business of sled pulling or drag racing is not making you much money, you can't write much off anyway. If your business is showing negative earnings all the time, your BS business will be ripe for an IRS audit. Last edited by JDiepstra : 10-12-2009 at 11:49 PM.

10-13-2009, 04:15 PM	#5 (permalink)
*Smourj21* Pull It Till It Breaks! Join Date: Nov 2007 Location: Green Bay, WI Posts: 1,416 Thanks: 14 Thanked 26 Times in 22 Posts Smourj21's Truck Pics	well my brother owns a small concrete company....so how do the dirt track racers get away with just buz they get a higher payout? __________________ Leveled 2002 Short Bed Quad Cab 6 Speed SHO \| MBRP 4" Duals \| Short Shift \| Valair DD \| Edge A2 \| BD HRVP44 \| Airdog 150 \| CFM+ \| BD Steering Stabilizer \| Brite Box\| 3pc Exhaust Manifold \| DDP 250HP sticks \| 35" Toyo MT's on 18" Driiv Offroad \|Bilstein 5100's\| Dana 60/80 \| 3:55's \| Detroit TrueTrac \| Traction Bars\| HX40/S475 TWINS\| \|520hp/1132tq With the 200's\|

10-15-2009, 11:37 PM	#6 (permalink)
Andrew Allen Diesel Freak Join Date: Dec 2008 Location: Marshall, MI Posts: 898 Thanks: 1 Thanked 6 Times in 6 Posts Andrew Allen's Truck Pics	start a business, and use it as a write off and call it "advertising" __________________ 03 Dually with Smarty W/ TNT, FASS 150/150, Stage 1 CP3, K&N, 6 speed W/ Prototype Single Disk Feramic Clutch, Boost Elbow, 2" leveling kit, 295/70/r17 Nitto Terra Grapplers, A-Pillar Triple Gauge pod