Starting a Simple Business

[89 coupe]

Anyone PoMoFo's out there know if I can start a simple legal business racing my car. Sole propritership or something like that. How do I spell it Insane :D
I am rebuilding it to run some NHRA events and would like to keep records of expenses and winnings (hopefully) and help save some tax dollars, unless I'm extremely lucky and actually win a couple big races.
My Matco tool man told me he did this for a few years and showed the business as trying to make money racing the car. This will have to be a legal venture as I don't want the IRS after me for tax fraud.

Is there anybody out there who knows what is required. I'll gladly compensate you for your time. Money or a meal and drinks somewhere to discuss this.

Thanks
Martin

[Saleen91]

I replied to your post over on WSM.

I'll charge you something extravagent for that... something like a beer. :D

[Saleen91]

Hey Martin,

Are you racing or crewing (or both) at COTT? What time are you planning on heading out there?

[89 coupe]

Originally posted by Saleen91
Hey Martin,

Are you racing or crewing (or both) at COTT? What time are you planning on heading out there?

Crewing and probably brewing. :D

I'm going out on Friday evening with Alex. We have not even ran the car with the Procharger yet because of rain, and then back out Saturday morning. I believe Shane might be going with us.
Not sure what time Saturday but it will probably be around 9 or so in the morning since the car will already be out there.

[HoustonLX]

Yep, I am headed up there Friday night also.

[maveRick]

Suggestion:

ALWAYS REPORT YOUR QUARTERLY TAXES ON TIME!!

They get really PO'd (and bill you for tons o' money) if your late. It's also a paper night-mare to clean up.

G'luck,

Rick
(- someone who tried a similar scam - I mean 'tactic')