109 replies to this topic

[The Legend]

Big deuce the if you build it they will come theory doesn't work ... It results in bankruptcy

[thebigdueceduece]

Legend...have you owned a track? Because if they don't change that track it will always fail!

[1jkart]

Legend...have you owned a track? Because if they don't change that track it will always fail!

i saw lots of passing on the out side idiot

[jake shady]

i just read 20 minutes of bullshit on this subject and WOW!   you cant buy cars on a WEEKLY basis.  so payout was good enough.  to operate a speedway the promoter must get sponsorship money from the community and larger corporate entities. this is very hard considering the bad economy and lack of younger people wanting involved in the sport. lets face it,, less people are interested in racing these days.  kids just play with their phones and dont care a bit.  so dont count on the sport growing because its dying!!   now i read somebody thinks all businessman can write off their racing bill for tax purposes,  so that person thinks businessmen that race get a somewhat free ride.  my accountant tells me to burn racing receipts as they will only end up in an audit and penalties. so that is that!!  the only way i can see a track making the cut is from outside money and a lot of it.  if you want to see your local track make it,, help them get sponsors!  its the only answer. [ and the legends posts have been spot on. ]   i bet the people bitching never helped jeff get the sponsorship he needed.  so maybe ALL should share the blame.       

[Fwig]

So when did advertising dollars become NON-tax-deductible for businesses (sponsors)?

[Express Man]

OK...Some mistakes were made! But the track isn't Lost! Owner indicates he is running a specials only venue next season if no buyer steps up! Maybe he will see the light by then and decide to do a full season! People generally learn from thier mistakes! I would have to think racing on the wrong night and cutting the purse left a lasting impression on his mind! It ain't over till its over!

[The Legend]

FWIG advertising is deductible , for instance if I sponsor a guys race car or an event provided they give me
Invoices it's deductible , however as a business owner your insanely expensive weekend hobby is not a business expense unless racing is your business. BUT to run racing as a business you need to show profit , and no you can't just move profit from a successful business to your losing racing business and call it a wash. And don't waste you breathe tellit me about all of the guys you know who do that , it's not legal and it doesn't pass an audit !!!! Bottom line if they are doing that they haven't been audited yet and when they get audited they will be hammered

[Fwig]

I won't waste your time in explaining how it works and will pass every audit out there. My suggestion to you is find a new accountant.

[The Legend]

Do what you want fella , I've been audited 4 times have you ??? I don't care what an accountant says I care what the damn auditor says . The accountant isn't responsible for interest and penalties I am !!!

[Fwig]

Yes I have, all three of my business's at least twice. Is it fun? No. Have I passed everyone with flying colors. You haven't been through an audit until you go through a DOT audit! No need to worry about an account, but rely on truck drivers! That's scary. Anyhow, I know the accountant isn't accountable for fines and penalties. But a very good accountant is worth every penny! That includes how to fund a race team.

[speedster101]

Hope you're not doing it like Kephart Trucking did Fwig. Them dudes are in the big house getting hammered by Bubba

[The Legend]

Speedster that's just it , think about if for a second can you seriously call you expensive ass weekend hobby a legitimate business expense ?? And the clear common sense answer is NO !! I'm one of those guys who doesn't want questions like that hanging over my head . Because if one of those company are audited worse case
They call it tax fraud and pursue criminal prosecution best case they believe you didnt know any better and you get hammered with interest taxes and penalties all the way back to when you started do that !!! Fuk that !!! You can't beat the system, you can try but the system always wins

[speedster101]

True dat. Can't fight city hall & especially the IRS they'll tko ya in the first round (in a sense). My dad has a business & I work for him & that's one thing we don't fool with. I'd rather have crabs than an audit. You can get rid of crabs

[jake shady]

lmao    on the crabs.   once again the legend is spot on.  i will burn every racing receipt before i loose sleep thinking my accountant isnt responsible anyhow.    and by the way guys the subject is amp racing.  is there a way anybody could thank good ole jeff taylor for his efforts on here.  the man really put a grand effort into that place.  

[Fwig]

LOL! Definitely not like Kepharts! When you haul garbage you get garbage! I have never paid one penny in fines or criminal charges with the IRS.

Legend there are perfectly LEGAL ways to fund a race team. If it's only a "hobby" to you and not a business, then jolly good luck with your hobby.

[Fwig]

Jake, I agree Jeff did vast improvements to the facility. Like I said earlier, last year AMP was the honeymoon for everyone. This year it appears that the honeymoon is over and heading for a bad divorce. Quite frankly, social media plays a bigger part in the racing industry (the world too)than we all realize.

I don't think Jeff tried to have it play out the way it did, unfortunately a couple decisions early in the season ended up being the wrong decision. I'm sure he will learn from his mistakes and bounce back next year. If he doesn't sell it.

As far as receipts, I never once mentioned that.

[speedster101]

Thank him right here jake. I'm sure he has internet & reads these posts. Thanks Jeff

[jake shady]

thanks jeff,        i really had a blast racing there last year.   i also appreciate the semi-late class.  you had the balls to try it and it really took off.  the semi late class is the way of the future for us who can no longer afford the super late class. you had the insight to see there were dozens of late models lying around. and you made a good decision on how to fix the money problem with late models.  funny how it took a sprint guy to iron out something we all could see needed done. but never got done. my hats off to you!!!     jake shady

[speedster101]

Good post jake, I'm sure he'll see it

[race ace]

i am still trying to wrap my head around the fact that you lose money on every single race but you want to run specials next year ????and with the fans you just burned  by pulling out early .is it just me here ?no points money as promised , no champions , no banquet ,but come back next year guys .oh well!!!!!