Yup, go see a lawyer. Depending on what all you want to do under racing name it could be an LLC or if someone is in it with you and LLP..... I keep all my receipts.....everything.....and also have the software to put it in the computer...As far as taxes, I don't try to get away with anything..... Think I'd rather face a jealous husband then an IRS auditor.... Might also want to set up a session with a tax advisor to help get things set up right LEGAL and correct the first time......

I'm certainly no expert on it, but I do have a good lawyer and a good tax man so I don't have to be an expert!!!!!!