Quote:
Originally Posted by TacoChris
Haha, this dude sounds like Kramer from that Seinfeld episode where Jerry calls him out for not knowing what "write it off means."
You make it seem like the owner of the car and or business is spending magical money that just fell off of his money tree and subsequently landed neatly into his wallet. Last I checked bud, to spend money you first have to have earned it somewhere. Rant over!
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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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perhaps Jared will take the time to explain not only why this is smart as a write off... but also how businesses close their doors all the time...
I have a friend who bought a motor home that came with not one, but TWO SPEC E30 race cars because the guy had prepped all the cars under his business. When his business folded he had to liquidate it all. One of the cars was running.. and the other was a nightmare care that my friend could not get running.