Quote:
Originally Posted by JaredG_F30
This is just smart. I've started businesses to finance my hobbies. It's a great tax shelter and smart way to finance fun projects. I would recommend anyone who wants to build project cars to start a business, make the car a business asset, race it, advertise your business and write it off come tax time.
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Thank you so much for this brother!
I started a small BMW repair shop a few years ago- because in my mind, it would be the only way I could ever afford to go racing. Everything I do in my life revolves around getting to the track.
Working for some other people in the industry, THE BMW Dealer included, just wasn't cutting it.
After a few years of hard work here, I now have a full time fabricator (who is consequently also my best friend) available to help and we basically just work on cars so that we can build race cars to have fun.
I am trying NOT to commercialize this project as much as possible. I am doing this to be living proof- a normal, hardworking 25 year old dude with a serious love for BMW's can put together a serious BMW Racing effort if you follow your damn dreams, and work your ass off. No one ever handed me a thing. And to respond to a few other allegations, if I mess this up- with the cost involved , etc, I will lose my business.
