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Getting sponsers for new sxs racing team (Send it Motorsports GNCC build)
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<blockquote data-quote="InDaShop" data-source="post: 351496" data-attributes="member: 1295"><p><strong>Re: Re: Getting sponsers for new sxs racing team</strong></p><p></p><p></p><p></p><p>Best thing you can go is go setup your racing as a business, it looks professional, will somewhat insulate you from an insurance/liability perspective, and you can enjoy the tax benefits of writing off some of your expenses. </p><p>You'll have to fund the corp, and make regular deposits into its account. Sell tshirts and deposit those funds in there, winnings go in there if you ever get them. </p><p>This isnt free or cheap or circumventing Uncle Sam, this is paying the proportionate taxes that the businesses is obligated to pay. Its just a rate that is less than you income rate. So its a discount to paying everything out of your pocket. </p><p></p><p>I'm not an attorney or tax dude, i pay guys for those services, but its the smart way.</p></blockquote><p></p>
[QUOTE="InDaShop, post: 351496, member: 1295"] [b]Re: Re: Getting sponsers for new sxs racing team[/b] Best thing you can go is go setup your racing as a business, it looks professional, will somewhat insulate you from an insurance/liability perspective, and you can enjoy the tax benefits of writing off some of your expenses. You'll have to fund the corp, and make regular deposits into its account. Sell tshirts and deposit those funds in there, winnings go in there if you ever get them. This isnt free or cheap or circumventing Uncle Sam, this is paying the proportionate taxes that the businesses is obligated to pay. Its just a rate that is less than you income rate. So its a discount to paying everything out of your pocket. I'm not an attorney or tax dude, i pay guys for those services, but its the smart way. [/QUOTE]
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Getting sponsers for new sxs racing team (Send it Motorsports GNCC build)
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