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from my very humbling experience with the IRS and being AUDITED(invitation aka happy mail, sent from ogden,utah) any time you say "racecar"/"racing team" it is an AUTOMATIC RED FLAG w/the IRS!
since being in sales/sales mgmt all my life you are taught "salesmens expense accts 101" at a very early age and you learn real fast to keep EVERY DAMN RECEIPT no matter how small as obviously they all add up in the end.
the lil navajo IRS girl and i literally went over EVERY RECEIPT for hours. compressing an entire year of race expenses into a day. talk about having your pencils SHARP and hers were, as she had (3), a sharpener and a big ERASER(scarey). talk about a STACK of papers!
when all was said and done, i left being owed by uncle sam over $1100 bucks as i had NOT claimed enough and had found some more receipts. my tax guy had been doing taxes for 34 years and only had this happen to him once!
so when anyone decides to go "professional " racing, take some time with your CPA and go over what you can and cannot do as far as "write offs". many people are mistaken as to what a legit write off is. and finding out that what you thought was a write off and what the IRS deems a write off, can be complete polar opposites. and the IRS wrote the book and they ALWAYS WIN!
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if there are TROUT..........there are BEARS!
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