Save money?

rdorman · #1 (**permalink**) 10-05-2001, 10:48 AM

I am kicking around setting up a business, a sole proprietorship, primarily to take advantage of dealer pricing for my build. What experience have others has with doing this?

Who know. Maybe it will blossom and I could do mail order for the club members passing along the discount!

Is the fall folage cruise on?

panz · #2 (**permalink**) 10-05-2001, 12:18 PM

could you please post something about the fall folage cruise. Also, does anyone out there know how to afix stone guards for headlights? thanks

Mike Braatz · #3 (**permalink**) 10-05-2001, 07:14 PM

I will tell you-I put the stone guards on my car and did it wrong, so they fell off. I would suggest that you find a car with them already installed--once I saw how they went on-I felt like a clutz for not doing mine right--
m

wadesdad · #4 (**permalink**) 10-05-2001, 09:22 PM

Ask your accountant about the hobby deduction. This may be an easier route and would have the potenatil to save you a great deal of money. When you figure out how to combine BOTH sole proprietorship and the hobby deduction, you'll be on to something. With the records I learned to keep from rental properties, it would not be a big deal to make this leap.

-Steve
wadesdad@hotmail.com

Mike Braatz · #5 (**permalink**) 10-06-2001, 07:07 AM

Steve,

A hobby deduction--I never heard of that--I will check--
Thanks for the lead-
m

mikief · #6 (**permalink**) 10-06-2001, 09:03 AM

My neighbor just finished a dragster. After talking to his accountant, he put his consulting co name on the side and will now write it off. A nicely done script type logo might work well on a Roadster too.

wadesdad · #7 (**permalink**) 10-07-2001, 07:38 PM

My facts were a little off on a hobby deduction.
Per Kiplinger's
"If your endeavor shows a profit in at least 3 years out of 5, the law assumes you're trying to make money. Fail the 3 of 5 year test, however, and it is assumed the activity is a hobby."

I was wrong. I'm sure it won't be the last time.

There are, however, some interesting things you could attempt. The fact that it is a car would cap you out in depreciation rather quickly (in 2000 it was $3,060). The only way around the cap is deducting a rather heavy car. (+6,000 lbs. empty weight!) Go figure! A really large SUV would qualify as this weight includes cargo and passengers.

Try an accountant for the best way. I'm definately NOT one.

rdorman · #8 (**permalink**) 10-08-2001, 07:23 AM

I am not necessarily looking for a tax deduction. Sure it would be nice! But it sound advice to talk to a CPA first.

The biggest item I am looking at is getting dealer prices on parts and supplies. I have spoken to a few of the favorite Cobra related parts supplier and all have indicated a discount for businesses.

Years ago in was in retail automotive parts. The mark up can be huge. Just looking to save a buck and perhaps some day set it up so that I can share with the other Cobra/Cobra knock-off enthusiast.

Keep the info coming!

GO BUCKS