View Single Post
Old 07-15-2013, 08:30 PM   #2
Mark Callanan
Member
 
Join Date: Nov 2001
Location: southern maine
Posts: 383
Likes: 158
Liked 64 Times in 14 Posts
Default Re: class racing as a business?

Quote:
Originally Posted by Tar Heel View Post
Ok, I know that we aren't going to make money ... not the point. But we need some business/tax advice. I'm a HS math teacher/coach and my wife is an elementary school principal. We've both been educators for 20 years to give you a rough idea of our income. We race a Pure Stock C5 in IHRA and recently purchased a motorhome. Is there a tax advantage to starting our own business and writing off racing expenses including the RV? Any advice on the topic would be helpful.

Thanks!

Wendy & Scott
I would talk to your tax person
What you asked of people on here wont matter its you tax people who can advise you
Now that said I assume you will get many people here giving advise....
__________________
Mark Callanan 1027 STK
Mark Callanan is offline   Reply With Quote