racing and taxes

[samgood]

I had to use tax consulting services to find the solution, and I decided to pay taxes in my particular case. I managed doing this through Paddle and paddle customer service , everything was easier than I expected.

[Tireguy17]

Ha...who makes a profit dirt racing?

Jonathan Davenport on his 2022 taxes 🤣

[kidrock]

You have to show a profit 3 out of the last 5 years or it's considered a Hobby

[dirtMAN007]

I guess you can write off hobby expenses as long as you are doing itemized deductions. I thought it was completely done away with. I haven't been able to itemize the past couple years, so it doesn't make a difference for me, anyway.

https://www.google.com/amp/s/turbota.../amp/L89qz1GNj

So just wanted to blame TRUMP for something else ? We get it ! We’ll listen to the guys who KNOW from experience!!!

[cjsracing]

You have to show a profit 3 out of the last 5 years or it's considered a Hobby

Not true. I can show you many legitimate businesses that don't.

If anyone has any serious questions feel free to PM me. I am a CPA and I race. There are many different ways you can do things.

[dirtMAN007]

You have to show a profit 3 out of the last 5 years or it's considered a Hobby

Wrong again ! Must be a union thing !

[samgood]

Racing and taxes may seem like two unrelated topics, but they are both important aspects of financial management. Using a tax software like TurboTax can make the tax filing process much easier for racing enthusiasts who are also self-employed or have a small business. However, before making a decision, it may be helpful to read reviews and customer feedback such as the TurboTax survey at Pissed Consumer to ensure that the software meets your specific needs and expectations.