new hobbie a right off?

Discussion in 'Business Operations' started by Lance L, Nov 26, 2003.

  1. Lance L

    Lance L LawnSite Senior Member
    Posts: 330

    well i just found out some exciting news... i am gettin into racing shifter karts(lil hi tech 100+mph go karts) and i didnt know this but the people that sponsor who ever for how ever much well the amount is a 100% write off. so i asked well the mechanic that was building my kart today that told me about all the write offs... and he said that i could put my name on the side of my kart and write it off... what i put into it haha so all of it =P... sooo does anyone else know if this is true? cause if it is well that would be pretty cool!!!

    i know the owner of the team spent 85000 on their top driver last year.. :dizzy: thats alot to write off, the owner is a captain for american airlines btw
  2. Lance L

    Lance L LawnSite Senior Member
    Posts: 330

    haha sorry bout the title... write off... =)
  3. Rustic Goat

    Rustic Goat LawnSite Bronze Member
    Posts: 1,194

    Why do you think all the giant corporations have their names plastered all over race cars.
    The amount that you pay in as a sponsor is deductable, to a point, depending on your income.
  4. Team Gopher

    Team Gopher LawnSite Platinum Member
    from -
    Posts: 4,041

    Hi Lance,

    Any pics of your kart ?
  5. Lance L

    Lance L LawnSite Senior Member
    Posts: 330

    just making sure about the deductable ill probably go to the cpa about this one ;) no not yet ill post some when i have time i just picked it up last monday and didnt all together untill yesterday.


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