Ok..so I met with my new Financial Advisor/CPA/Enrolled Agent today and he made the world open up for me as far as Contessa is concerned. I know how much we all hate vinyl but I'm having a subtle design created for my consulting business and WRITING OFF ALL EXPENSES as advertising expenses. Starting with the engine!

Here's how it works:

1) My truck is becoming my 'dedicated work vehicle' as far as the IRS is concerned.
2) With as few miles as I put on the Max every year compared to the truck, it's a simple thing to prove it'a a Racing/Advertising vehicle and is only limited by a total amount each year that can be spent on advertising as a Sole Proprietor as deemed by the IRS. I don't have that number yet but he said last years was above $20k.

Man..had to set up a race event just to win a trophy and having to sponsor my damn self ROFL!

So let the Eric Johnson Consulting Racing Team be so dubbed!!

 

So ... do you have a timeslip 60' ?

 

I have several of them and their in here but from last season and the season before. Maybe I should have posted this in General Discussion. My apologies & maybe and admin can move. I'll have new (and the best) timeslips coming next season after the VQ35 swap ( +75 shot, +headers). PB so far is 14.0 my second time out with the N2O. 60' marks sucked as I havn't really gotten the opportunity to practice a lot yet.

 

Compared to your old ones? Well, yeah 3.5L

 

Yes..I meant my own best by (and the best). I would never in my life make a bold statement in here as to something being 'generally' or 'all around' the best. I learned that the hard way a few moons back heehhehe.

 

I've been doing that for the last 4 years. Claimed over $20k each year in expenses etc. However eventually you have to show that you have the ability to make money so I folded my company. Otherwise you will get audited.

 

True story...fortunately I have a money making viable biz and a wife that makes a truckload at her job. Fortunately for us Sole Proprietors, it's all the same.

 

The business I started was just racing so I had to make the money from winnings.

 

Ya I can see where that would get a little dicey. I figure I'll support myself for awhile and have a valid sponsor (even though its me), get better at racing and then try to hook in some other sponsors.

 

Do you have to put actual advertisements on the outside of the vehicle to write off such expenses? I am looking for ways to write off my modifications to my Maxima. Right now, I am just writing off mileage at the $0.36/mile rate. I think the rate goes up every year though. That rate does cover all gas and every cheap maintenance item. But it won't cover my up and coming turbo project with a built tranny!

Anybody have any ideas? If I have to, I will sponsor myself and letter up my Maxima. My company makes barely enough money to pay my bills, so this can be legit. www.iwdwebdesign.com

 

Yes. In order to claim it as an advertising expense you have to advertise on it. I'm looking for a designer to hire to make me up some subtle vinyl. Either a simple back window banner or possibly some tasteful quarter panel work. I don't know anyone with Illustrator experience so it may take awhile.

Edit: Oh..and I believe the new IRS milage rate is $.48/mile

 

Yeah, $.405/mile for 2005. http://www.irs.gov/newsroom/article/...131232,00.html

I wonder how small of an advertisement I can get away with. Time to start talking with a CPA.

 

Huh...I would have sworn they just raised it again.

 

As far as the 60' are concerned it'd be cool if someone could get a race max in the 1.6xx range. A few FWD's that I know of have done it without weelie bars. Just need a very stiff suspension (coilovers), front end slammed to the ground and rear end higher and remove as much weight from the rear as possible. I know someone with a FWD DSM who has pulled a 1.63. It's not a full street car, so if your car isn't it could play in your favor. I am gunning for this myself next year as well (best of 1.75 so far) but anyone who can afford to have their max "less streetable" could potential pull some neck snapping short times. I'm saying this because I know damn well that the VQ35 has enough torque to pull it off. The current record for a FWD Nissan without weelie bars is 1.66.

 

I don't know if the IRS actually has rules on how big the advertising has to be. We've always just run windshield banners and smaller decals on the car for our project cars. Since the cars hardly ever get driven except to shows/races, it's pretty easy to seperate expenses. But my business is in the automotive aftermarket, so the cars are a totally legitimate advertising expense.

BTW, if anyone needs stickers/graphics/magnetic signs and so on, let me know. That's kind of our specialty, and we also do design work if you're having trouble coming up with logos.

 

they did, due to the cost of fuel. I believe the .48 is correct

 

I'm definately looking for some design ideas and creation. If you would, PM me your contact info and I'll give you a ring.

 

http://www.irs.gov/newsroom/article/...147423,00.html

Cool, they did. I found another article that says that all business miles driven from Sept 1 to Dec. 31, 2005, the rate is $.485. I'm glad I've kept an accurate record of all my business miles so I can easily seperate the $.405 rate with the $.485/mile rate. The mileage rate is much better for me than keeping track of all my gas, oil, and maintenance expenses just b/c I drive such a cheap car with very cheap insurance. But when I add in expensive modification projects, I will need a way to write it off.

 

If you are still looking for someone a friend of mine owns a business doing Vinyl Graphics I am sure he could hook you up with what you are looking for.
http://www.decalstyling.com/
Click the contact button to send him an e-mail. Tell him that Jay Boney referred you. Let me know if it helps

 

I can't wait to see your timeslips once you have the 3.5 in there, do you have a 1/4 mile goal? running slicks?