A while back I was talking with one of the guys at the track and he mentioned something about starting an LLC company for racing. He said basically you can write off any expenses that go toward the sport (i.e. entry fees, trailer, parts, tow vehicle, and on and on...). Income would be prize money, contingencies, sponsorships whatever but you don't need to show a profit or even revenues for something like 5 years.

This idea interested me and I was curious if any of y'all have gone this route as far as starting a small business to support or partially defray the costs of your racing habits/addiction.

Of course, I ought to be talking with lawyers and tax accountants but want to get it from the angle of racers...

Thanks,

Chris