E911me@aol.com wrote:
>
> My thoughts were about setting up a small personal businesses that can be run
> as a smart cover for racing expenses and side money (if not alleviate all,
> make the finance easier).
Not to be sarcastic or anything, but, If it was that easy, everyone
would do it. The IRS will see right through the fog you have created,
tell you that the expense is "Salary", and slap you with penalties for
not paying the taxes on the money. ;^)))
Seriously though, it is better to have a "Large" business and write it
off as "Advertising", the more profits you show, the larger the
Advertising allowance can be. Most businesses that sponsor you will
usually put whatever they give you into this category. One of the most
famous is "Marlboro", they use this method to get cheap TV time in all
forms of racing.
Jesus
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