A little homework before race season

[xxdcmast]

Ok guys so I know a few of you on here race and are able to write at least part of it off on your taxes. Basically Im a cheap bastard and figure if Im gonna be racing I might as well be able to recoup some of that money at tax time. I think this thread will be of great help to other racers as well so here goes.

If anyone else has any questions on this please feel free to write them in.

For those of you that write racing off on your taxes.

1. How do you go about setting this up? Is there any special forms, etc that you need to fill out or any other beauracratic steps that need to be taken.

2. Is all your doing saving all the receipts for entries, fuel, gear, license renewal, spares and then totalling these at the end of the year?

3. Is there anything special that you tell your tax person when they fill out your return forms?

4. Anything else I should know before trying this?

[s a x m a n]

I have been too scared to do it actually. Its been suggested many times to me not too. Although it might be fine, it will draw additional attention to me come tax time and increase my likelyhood of being audited.

[Honclfibr]

4. Anything else I should know before trying this?

Business or Hobby? Answer Has Implications for Deductions