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back in 1986-87 when we raced off road i managed to scam a number of sponsors. even before that we scammed sponsors from whomever we could for whatever we could scam. for a number of years we were sponsored by keg beer unlimited here while racing dezert bikes. what did we get? a few kegs of course!
but as far as the score 1/2-1600 effort the sponsors we got either paid us per race or a flat yearly fee to run their logo on the car. one industrial distributor gave us a $1000 bucks for the year to have the biggest logo on car.
considering the staggering costs, married with one kid in diapers, i would have glued turds to the car if i thought it would eeekk out one more dollar to pay expenses if you ran a porta potty bizness and wanted to sponsor us!
since it was professional hang on to yer ass racing we documented everything for tax purposes.
and along came the fateful day after winning 2nd overall in the state despite race car burning up in mexico, that i GOT THE INVITATION! "THE INVITATATION " was from the IRS!
the IRS was so happy that we won 2nd overall in state that they invited lil ol me to have a nice sit down chat about all of my expenses.
walk into IRS building and see a life size portarit of george bush senior in lobby. tell secratary my name and out comes lil navajo girl with 3 sharpened pencils, a sharpener, and a big calculator and off we go down some hallway to my DOOM!
well as it turned out everything was legit, and we had actually not claimed everything we should have. i ended up with a check from uncle sam for about $1100 bucks and leaped off the stairs of the building in joy. what a relief that was.
so in ending ..........document everything. getting auditted is about like getting a frontal lobotomy w/out anesthetics. not fun ask me how i know. i will never forget the "INVITATION" from ogden utah corp. IRS office!
we actually did think out the contingency angle fairly well and were paid for product we did use. hell i still have a bunch of KC DAYlighters on vehicles that we were given for placing 1st and 2nd place. only using products that pay contingencies worked out good for us.
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