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RJ
Caruso Tax & Accounting
TaxRace.com
364
East Avenue · PO Box 2066
Oswego, NY
13126
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A
Word From The President . . .
There
are very few accounting or tax firms in the United States that
specialize in tax preparation for members of the auto racing
industry. In fact, many CPA's and other tax practitioners
refuse or are reluctant to prepare a business return for a
race-related activity, especially if it shows a loss, because
of its recreational nature.
The IRS does have "hobby
loss" rules which govern businesses such as auto racing. But,
in the past eighteen years, RJ Caruso Tax &
Accounting has
filed hundreds of race-related tax returns successfully within
these IRS guidelines. Our extensive tax software library
allows us to prepare tax returns for any business entity
(sole-proprietor, partnership, C-Corp, S-Corp) registered in
any state. Our approach is take full advantage of the tax laws
as they pertain to the auto racing industry, which results in
maximum tax savings for our clients. And, our returns have
withstood IRS scrutiny at both the examination and appeals
levels.
Looking at just one aspect of the industry,
race car owners and drivers who receive prize money and
sponsorship income are entitled to a variety of legitimate
deductions from their income, even if it results in a net
loss. And, because of the special nature of a race car, items
that would normally be depreciated over a period of time, such
as chassis and engine rebuilds, can be deducted all in one
year. Some tax practitioners frown upon expensing rebuilds,
while others take a much more conservative approach by
deducting expenses only to the extent of income. Why? Because
they don't understand auto racing.
My father and uncles
built Oswego
Speedway,
Home of the Supermodifieds, back in 1951 and I've been
involved in every aspect of the business, since graduating
from RIT in 1977. My associate, Jason Rinoldo, has been coming
to the Speedway since he was 5 years old and has also been
heavily involved with activities at the track since becoming a
full time employee of R J Caruso Tax &
Accounting in
January 1996. Jason and I understand the auto racing industry
as much as we understand the IRS tax codes as they pertain to
auto racing businesses. You can't get a more intimate
knowledge of auto racing than that.
Let me assure you
that Jason and I can speak your language when it comes to auto
racing. You can contact us by telephone (315) 342-4900 any
weekday from 8:30 am to 4 pm by 24 hour fax (315) 342-5100 or
by E-Mail mailto:contact@taxrace.com.
Get
on the winning team !!!
Sincerely,
R
J Caruso Tax & Accounting
Romey
Romao
J. (Romey) Caruso,
EA
President |
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