Season Costs?

[madanalyst]

i'd encourage seeing an accountant too.  Its a shame that all this money is spent, yet it goes unnoticed to many that some, or all, costs can be deducted for tax purposes.  I just arranged what i call a "tax avoidance" scheme that is expected to save me nearly 25% of all costs incurred during a race season.  Of course, to many, spending a dollar to save 25 cents makes little sense.  But since these costs are going to be incurred nonetheless, i'd consider doing what i have and consult an accountant about your options.  There are risks in doing what i have, but i have properly assessed them and am willing to roll the dice anyways.  In the end, the biz i created has little oppy to ever show a profit, but its my intent to produce income in the form of local biz contributions and perhaps more.  I run the riskthat, after several yrs of losses, the scheme is shut down and labeled as nothing more than a "hobby loss".  And by the way, i just finished creating an excel doc of my own, and $13K was about what i spent since competing in my first event in Apr.  Competed at every event since then, normally 4 races each. But not included in my tab is the cost of a wreck, and since i escaped the entire season w/out incident, i fear i'm do for a big nasty. Please know that there are hidden costs that even the most experienced of racer often overlooks.  I sure did, yet i'm hardly an experienced racer.  Best of luck.  

PS.  I am not a tax expert nor do i condone doing something w/out knowing all the risks first.  Please consult an expert for advice.  Many would be willing to provide such advice at no cost.  

[throttle]

Well, we did 23 events in 03' this is ruff but its close to what was spent.

Each Weekend
$200 fuel for f250 and gen.
$50 fuel for 2 aprilias (we would prob use more if there were actualy practice sessions)
$75 food for 3 for 2.5 days
$250 set of tires
$85-$200 entry fees

$650+-

[r6_philly]

Tack on more for Daytona--typical weekend for me runs about $500.  

Daytona cost me over 2 grand (and I didn't stay at a hotel either!!)

Daytona costed me 2k + too. And hotel was only $300. Don't ask what, but money just flew out of my pocket. and only used 2 sets of tires.

[jnup]

I'll simplify it for you, Nate.

YOU'LL SPEND EVERYTHING IN YOUR WALLET AND THEN SOME!!!!

But racing is oh so much fine.  I'm enjoying my crack addiction.

I've got a good set of used tire warmers if you're interested.

[jnup]

Whose this Knup guy, anyway.

Shhhhh, don't tell anyone.  I'm on Knuppies computer before we fly to Vegas tommorrow.  Anybody know of any good porn sites I could leave behind as bookmarks for Deb when she gets on the computer?

Kevin Hanson
Safety First Racing

[Racingxtc7]

I would answer that last question but I never did read what I agreed to to join and I wouldn't want to get kicked off.

Jeff

pinkworld

[Nate R]

Thanx for the info, guys!

Dave: seen some blowing main seals at 80K. My grandfather had an early 80s E150, IIRC, (Dunno exacts on it right now) and it was problems from day 1. He put 80,000 miles on the thing, and tons of problems. Replacing body sides in sheets at least 3 times, getting stuck a lot, etc. And he's got a pretty good idea of how to maintain a vehicle.

Known of some others with problems, etc. Seems like they tend to rust a lot more than some of the other vans.

Seems like the chevy vans are just more reliable compared to the fords when they get old, from what I've seen. But, thats' based only on what I've seen, which isnt everyone. And I will be doing much more research before I decide against anything when I get to the buying a vehicle point in time. Is there going to be any disadvantage to driving a van day to day compared to a truck?

I already have my business going, so it's just a matter of properly accounting for certain expenses so they can be deducted. Just need to confirm that I'm doing it correctly, and legally safely.

[Super Dave]

Whose this Knup guy, anyway.

Shhhhh, don't tell anyone.  I'm on Knuppies computer before we fly to Vegas tommorrow.  Anybody know of any good porn sites I could leave behind as bookmarks for Deb when she gets on the computer?

Kevin Hanson
Safety First Racing

Hmmm, we were talking one time and I though I could have a bigger racing budget with my own site...

I came up with a name and isn't that the most impotant...

BigLandingStrips.com

[Super Dave]

Nate, never had a main seal go out on my Fords, and the 351W has been around for a long, long time.

With extraordinary age, there are things that do happen.  Valve covers can leak.  On van's, the right side cover is really hard to get at with FI engines.

Oil pans can deteriorate, and then they weep a bit when you shut off the engine.  You can spend a lot of $$ replacing the gaskets, but really the oil pans need to be replaced.  $$ too, but it will probably stop the problem.  Really, it's cheaper to just put the little bit of oil in it that it needs.

Rust?  I think that in the late 80's, Ford started galvanizing the truck bodies.  My '89 still doesn't have rust on it...and it never was rust proofed or undercoated.

Half ton vans can wear out axles.  Usually at 120 to 150k.  There is a bearing kit you can use to keep from replacing the axles, but it's a waste of time.  Replace the axles.  I think this only happens on E150's that get hard use.  My 1993 had 185k on it when Mike Riebe bought mine, and it didn't leak.

Early electronic overdrive transmissions can be suspect.  Afterthat, I don't think it's a problem.

Chevy?  My experience was an early 90's work truck that we used at a golf car place that I worked at when I moved to Wisconsin.  Three motors in 90k.  Stupid.  All vehicles can $uck, I think.  Most full size vans have one potential problem....the V8's in them are good motors, but because of emission stuff, they are low compression motors.  So, they are thermally inefficient.  Not as good of gas mileage as you would expect, but they should last for nearly forever.

Astro Vans...hey, I'm not a Chevy fan, but those things are good.  Mileage should be at 20 or so.  When I was working with Dale Quarterley, he was running his RC30 around in one, and occasionally he'd pull a 14foot tandem axle trailer with it.  

[Jeff]

My costs & my sponsors costs in 2002 were in the $20k range.

In 2003, I bought a new bike and new trailer, so with prep of both, I was at that before I even hit the track.  03 was at LEAST $30k.

Again, this factors in ALL costs.  Such as travel, food, gate, etc.

A weekend averages $2k for me...  I'd hate to see what it runs someone who is on a #1,2,or 3 bike...

Here was my write up of 02 when I ran a FULL season.

Consumables & interesting facts of 2002:

Miles traveled 6770
Vacation days used 17
Laps Ridden 1675
Bike miles 4187
Gallons of Race Gas 232
Tires 17
Gallons of Silkolene Racelube 8
Pints of Silkolene ProRace 2000 Brake Fluid 1
EBC HH-KIT Brake Pads 8
Transmissions 1
Clutches 1
Clutch Covers 1
Windscreens 3
Clutch Levers 2
Brake Levers 3
Clip-on Handlebar tubes 6
Gas tanks 1
Rearsets 2
16 oz bottles of water 432
Hospital visits 2
Races Planned 37
Races Entered 39
Team Challenges 1
Races Run 36
Crashes (race & practice) 3
DNF races (did not finish) 2
DNS races (did not start) 3
Top 10 finishes 28
Podium Finishes 4
Trophies 13

[Super Dave]

You forgot to list your take home purse.

[Jeff]

You forgot to list your take home purse.

I bought my purse at a garage sale for $.15, so I didn't include it.  It's a lovely mauve color which goes well with my undergarments.   8)

My take for the year was around $500...