Setting up a Company for racing - Yamaha R6 Forum: YZF-R6 Forums
 
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post #1 of 10 (permalink) Old 03-21-2008, 09:25 AM Thread Starter
 
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Setting up a Company for racing

Hello,
I had other question. I'm not sure this can be done but I was thinking of creating a side company something like "JY Racing" and from my understanding this would allow me to write everything off on the track and who knows I might get to the point I really want to race (but this might not happen) still you should be able to create a company and write everything off. If anyone has done this let me know. I have already spent about 4k and I haven't even seen the track haha.

2K 2001 r6
2K riding gear/misc. parts


thanks,
Jonathan
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post #2 of 10 (permalink) Old 03-21-2008, 09:36 AM
wat?
 
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Re: Setting up a Company for racing

Your "company" will eventually need to show a profit...
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post #3 of 10 (permalink) Old 03-21-2008, 09:42 AM Thread Starter
 
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Re: Setting up a Company for racing

yes I know thats why I would at lest take the loss for 2 years and see what I'm doing at that point. its better then just spending the $ and not being able to write it off. so I can at lest have two years of write offs before I have to do anything. and 2years would be about at lest 10k so that way uncle SAM desn't get more money from me
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. I wanted to know if anyone has thought of this before? I'm still going to talk with my tax guy.


thanks,
Jonathan
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post #4 of 10 (permalink) Old 03-21-2008, 12:09 PM
I m starting to eat my R6
 
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Re: Setting up a Company for racing

what do u write it off from..... unless u get a refund for unprofitable business, sounds a good idea.... anyway pls enlighten me

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post #5 of 10 (permalink) Old 03-21-2008, 01:13 PM Thread Starter
 
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Re: Setting up a Company for racing

from what the gov. takes out of my personal W2 forum is about 10k a year so if I start a company under my SSN number and lets say I dump about 15k in this year. I should be able to write off 15K on my personal taxes because I'm running this company under my SSN #. then the 10k I gave to uncle sam should come back as a refund or part of it. I don't think this is cheating uncle sam because he was able to hold it for 12months. PLus I'm really spending this money on a side company I started nothing says I need to make the company show profits for I think the first two years.
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post #6 of 10 (permalink) Old 03-21-2008, 08:40 PM
I m starting to eat my R6
 
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Re: Setting up a Company for racing

thanks, i will also explore this opt

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post #7 of 10 (permalink) Old 03-22-2008, 08:18 AM
 
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Re: Setting up a Company for racing

I know in NYS you're company has to show a profit at least 1 year out of 5 years, or else its considered a hobby.

I have a media company that I write all of my car and bike stuff off of for advertising and promotional purposes because they all carry my stickers.
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post #8 of 10 (permalink) Old 03-22-2008, 11:11 AM Thread Starter
 
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Re: Setting up a Company for racing

I work full time and also have a side computer company. I was think about create this comany to advertes my small computer comany
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or should I just create this as a racing team?
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post #9 of 10 (permalink) Old 03-23-2008, 10:56 PM
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Re: Setting up a Company for racing

well you would need business plan consisting of a sales budget, production budget in any or merchandise. materials, including a scheule of expected cash, labor budget, overhead budget, SG&A (selling general & administration budget), income statement and balance sheet to make it legit. if you need help setting something like that up drop me a line.
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post #10 of 10 (permalink) Old 03-24-2008, 03:21 PM
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Re: Setting up a Company for racing

It is easy if you already own the company put your company's logo or stickers on your vehicle than you can use it as a tax write off and you can even include every drop of gas you put into the vehicle.

Blue because it is faster.


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