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Discussion Starter #1
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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Discussion Starter #3
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 :). 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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I m starting to eat my R6
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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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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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I m starting to eat my R6
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thanks, i will also explore this opt
 

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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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Dragging Knee
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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.
 
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