All the talk about sponsors lately has gotten me thinking about the
upcoming season. I have an idea about who I'm going to approach, but I
have a few questions I need to answer before I talk to anyone. When a
sponsor gives you money, is that considered taxable income, or is there a
way to avoid that? Do you have to incorporate the team so it doesn't
affect your personal taxes?
The other question involves the administration of the money. Does the
sponsor just give you x dollars at the start of the year and say have at
it, do you turn in receipts as you pay for things and get reimbursed, or
do you go to them every time there is an expense and tell them how much
you need? Or is the way it is done somewhere in between? Obviously I've
never done this before, but I want to make a good first impression so
they think I know what I'm talking about :^) Any other advice or
suggestions would be greatly appreciated!
Scott Sawyer
'91 Civic Si ES 22 <---------- HS in Y2K
Team Underdog Racing, Underdog F&C
SCCA
"Who the f**k are these guys?!?!?!"
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