851stgen12a

BfGoodrich is going to sponser me this next auto-x season!!! All I gotta do is continue to run the G/force Kd's and put there decals on my car!! for every weekend I finish in 1st there going to pay me $200, 2nd $100, 3rd $50!!. Im so stoaked!! I cant wait for the season to start!!! ******* Winter........

Damn think about it, getting paid to race my baby!! Can life get any better?!

inittab

That's very cool! Congrats man!

Sammymatik

Right on!
How did you go about getting BF Goodrich to sponser ya!?

Manntis

do they give you free tires, or just the prize purses?

851stgen12a

I was surfing for some info on my tires and came accross a thing that was talking about a contengiency program for anyone running the G/Force tires. so I sent them a formal sponsership request and I got approved. Was actually pretty easy.


No have to buy the tires my self, maybe in a few years after I prove myself I can hit them up for some rubber. That would be really nice.

error402

Congrats man! I wish you all the best of luck on winning the races!!!

-Error402

851stgen12a

thanks man, I still got a few months to do some more stuff to my car to see if I can make myself just a little more competitive.

1st7heaven

Are you sure they give money for just local races? Usually BFG only gives money or tires at Divisionals, ProSolos, and Nationals??? I used to win tires from them and resell them...hehehe

BTW, you have to pay tax on that at the end of the year!! Be carefull, you need to set up a racing busness for the IRS. I actually got audited because of the my racing buisness but it was all lagit. It seems the IRS tends to watch "motorsports" buisnesses because of the scams people use them for for wright offs.

If you win races, you can actually win $500-$1,000 per race if you run the right products and win races. Mazda puts up quite a bit of money!! If you are a real good driver and have a history, Mazda actually will do special programs like giving you a parts budget per year of free parts!!

851stgen12a

WOW! well I guess im learning a little more.

I believe it is techinacly called a contengiency program. This means that is tax exempt and just a "reward" for advertising for them.

well its going to be a few years before I can take it that far. I admit I need some more seat time to be competitive at any national level. was only able to make 3 races (due to car being down) this season. I think that has set me back quite a bit.
well ill see how it all works out.

1st7heaven

Nothing wrong with the down time....I have been down several years now!!!!!! I raced for 9 years, sold my car, then bought it back. Should be done for 2003 season. My problem is the money I am putting into it.....it is costing me a fortune!!!

All I know on the contingency programs is that when I got my ckecks in the mail, I also got a W-9 form with them? If you got over $600 from one manufacturer I think you had to claim the earnings????? Cant remember it all for sure.

Mr. ImportGuy

Yea I'm doing the Mazda program when I start SCCA ITR this spring.

nopistonsforjoe

so how do you arrange it so your racing is a business? is there special steps that need to be taken?

Mr. ImportGuy

To be a business you really need to be building cars and have a good shop. With lots of support equipment. The easiest way to make it a business is to run a racecar rental business. You maintain and repair (for a cost) different racecars for other people to rent on a weekend or season basis.

1st7heaven

I have a lagit buisness building parts. Everything I spend on the car or trips that I take (like SevenStock) are buisness trips etc..... The only thing, you have to show a profit after a certain amount of years. You have to be very careful doing this, I highly recommend getting ahold of a CPA to set this up!!!

nopistonsforjoe

so you cant just be sponsered as a driver?

Mr. ImportGuy

Yes you can nopiston

nopistonsforjoe

ok so you can...you just have to pay taxes on your winnings

Mr. ImportGuy

Wait I think we are talking about two different things here. What do you mean? I was talking about that you can be sponsored just driving your car. If you work for like a team as a driver and are hired. You don't need to worry about sponsors the team owner worries about that. I would think you would have to pay income taxes on your salary and what not, as a pro-driver though. But please clarify what your talking about so I don't make my self look dumb here lol.

357

Hey, nice job on the sponsorship! I just wish someone would pay me for driving my car!

...insert thought bubble...
"easy kemosabe!"

851stgen12a

hey thanks, I just hope I can make something of it. Those damn Miatas are ******* fast.

nopistonsforjoe

haha we just keep confusing each other importguy... i am just wondering if a person does a contingency program like 851stgen do they have to pay tax on the winnings that the company or companies give them? hope that helps to clear things up

851stgen12a

man I hope not.... im just a weekend racer, I sure as hell dont want to have to give the IRS ******** some of it....

1st7heaven

Yes you do, I am not sure but I think anything over $600.00?

The company paying the contingency has to report it to the IRS sooooo you have to report the income. Just look at the Mazdaspeed contingency form, they ask for your social security #.......this is for that reason.

This is no different than winning on the Price is Right(where did that come from?). Winners have to pay taxes on the value of all of those things that are won.

Trust me(never trust a guy that says trust me...hehe) once you start winning you will start getting the W-9 forms with your checks.