Re: class racing as a business?
Pure Stock runs in Stock in IHRA and yes, with contigency money, the potential is there to make that much money. Good point; thank you! We don't have a tax person as we've always done them on our own since our taxes are very straightforward and simple to do. It sounds like I need to contact someone about starting our own business and then asking them if there will be any tax advantages to doing so. I thought someone may have been in a similar situation with their income and what they spent on racing.
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