Friday, August 5, 2011
With the Government Having Big Deficits the IRS Could be Checking on Your Sponsorship and 'Hobby Losses'
by Ernie Saxton
LANGHORNE, Pa. -- For years there have been racers using their auto racing losses to reduce their individual and company tax liabilities and it has gone pretty much unnoticed.
Now the government has huge deficits and are starting to pay more attention to things that went unnoticed in the past. Don’t be surprised to find a notice from the IRS (International Revenue Service) that you are being audited especially if you fall into the “hobby racer” category.
Attorney Michael K. Spotts, licensed in the State of Florida, has written a two part article for Ernie Saxton’s Motorsports Sponsorship Marketing News that offers some advice on the IRS, what tax issues you should know about, what type of legal entity you should use and more. The two part article started with Issue 3 of MSMN. The second part is included in Issue 4 coming out this month.
There is important information included that relates to sponsorship.
Sponsorship expert Milt Gedo, often referred to as Mr. Sponsorship, offers “New Methods To Achieve The Same Goals (in sponsorship).” Columnist Scott Pacich talks about abusing technology and there are facts and figures on Kyle Busch leading the mid-season TV ratings for all NASCAR drivers. Apparently being a bad boy has rewards.
Ken Willis, the outstanding columnist for the Daytona News Journal offers “Revolving Sponsors Sign of the Economy.”
In addition there is quite a bit of news on a variety of sponsorship deals that have been finalized recently.
The newsletter, published by sponsorship expert Ernie Saxton, is now in its 26th year.
Subscriptions are presently available for just $39.95 (regular price is $59.95) and while the supply lasts we will be glad to include copies of Issue 3 and 4, containing the tax information, free with your new subscription. To subscribe just telephone 215.752.7797. This SPECIAL OFFER is available only by telephone. Please have your Visa or Mastercard ready when calling. You may also choose to send a check payable to ESC, Inc. to 1448 Hollywood Avenue, Langhorne, PA 19047.
Information on Ernie Saxton Communications, Inc. and their various services, including custom proposals and sponsorship representation, can be found at www.saxtonsponsormarket.com.
Saxton’s articles on sponsorship can be found in National Dragster and Late Model Racer magazine along with other major publications from time to time.
Saxton does present seminars on sponsorship at different locations across the country and is presently putting together his schedule for the off season starting in October.
Speedways, organizations and race teams can get information on how they can host a sponsorship seminar as a fund raiser by telephoning Saxton at 215.752.7797.