Hey guys, here's a big tip that may be too late for this year, but keep it in mind for next year. Your pink sheets that you take to tech on race weekends are your receipts. Take good care of them! If you need copies of what you've paid over the whole year, it will be right there on those forms. We aren't able to print out what each person has paid all year (charges are done in two different places, and if you've paid by any other way, it's that much more difficult to make sure we've got everything for you). It's not that we don't want to help, but if we did that for all 5000 of you we'd lose our heads. Please keep this in mind come tax time.
;)
This is especially useful advice if you've won any contingency money that you end up getting a 1099 for. This is a direct write-off on that contingency $$.
Another tax savings is if you run pump fuel keep the receipts and quarterly you can send them back into the state and get the on road tax refunded to you. This is for all off road fuel used in dirt bikes, lawnmowers, boats, road race bikes etc.
QuoteAnother tax savings is if you run pump fuel keep the receipts and quarterly you can send them back into the state and get the on road tax refunded to you. This is for all off road fuel used in dirt bikes, lawnmowers, boats, road race bikes etc.
Now THAT is interesting, and good to know. Thanks for that tip - I will have to look into that.
As for Tiff's post - really, I think just about any receipt can be used to combat contingency or purse income. Toll booth receipts, fuel to get to/from the track receipts, entry fees, tire expenses, replacement part expenses, special tool purchases - you can use all of that to offset your racing income.
Where things get tricky is when you try to use your racing expenses to offset NON-racing income. But that is a whole other topic altogether that has already been discussed on this board ad nauseum.