914's and taxes, how do I write off my a/x car? |
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914's and taxes, how do I write off my a/x car? |
Trekkor |
Dec 9 2004, 11:53 PM
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#1
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I do things... Group: Members Posts: 7,809 Joined: 2-December 03 From: Napa, Ca Member No.: 1,413 Region Association: Northern California |
I "sponsor" myself. I have permanent advertising on the car for my business.
How do I legally write off my car as a business expense. Or am I just entitled to the cost of the window banner? What do the big sponsors do? (IMG:style_emoticons/default/confused24.gif) KT |
ChrisFoley |
Dec 10 2004, 09:07 PM
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#2
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I am Tangerine Racing Group: Members Posts: 7,958 Joined: 29-January 03 From: Bolton, CT Member No.: 209 Region Association: None |
QUOTE(scott thacher @ Dec 10 2004, 06:03 PM) like racer chris can right off some racing as testing I actually write off most of my racing expenses as advertising. I can justify it pretty well based on my business being devoted to 914 custom parts and services, roll cage fab, exhaust systems, etc. I meet with new and existing clients at the track on a regular basis. Now I'm also getting into actually advertising for other companies on the car as well. The IRS allows deductions for "ordinary and necessary expenses" related to a business activity, and it is up to the business to decide what is necessary for the most part. A hobby business is allowed to write off up to as much as it earns, so a zero net income is fine, but losses can't be taken against other income. I have always operated my business at a profit with no huge expenses that would raise a red flag, so I don't expect to ever see an IRS agent at my door. (IMG:style_emoticons/default/smile.gif) |
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