Jesus,
I'll put La Mexicana on the side of my Europa for a small fee. Only a true
friend would offer you that deal :>))))) I'm sure you'll come back with a
big fat zero, so I'll have to put Spencer's Motorsport on the sides.
Barry
----- Original Message -----
From: "Jesus Villarreal" <jesvilla@gte.net>
To: <ba-autox@autox.team.net>
Sent: Thursday, January 30, 2003 4:29 PM
Subject: Re: Using a small business to help with autoxing/racing events?
> 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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