Last year, I spoke to a racer who got hit with a huge tax bill. He was being taxed on his prize money, merch sales, and even his sponsorships — things he hadn't considered!
Seriously?! So, let me get this straight: Racers sacrifice weekends, sleep, and a small fortune in the pursuit of speed, and the reward is...a big tax bill? That money could have been used for the race car!
Turns out that if he had kept good records and operated racing more like a business, he would have been able to write off ALL the expenses and paid ZERO tax on his racing income. Things like travel expenses, racing costs, parts and supplies, etc.
Every expense adds up. The challenge is keeping it all organized…
That’s why we built RaceTrips – a kickass mobile app to capture your racing income and expenses so you can reduce your tax liability and can keep more money in your pocket.
It’s made specifically for racers, even the ones who hate numbers. We made it so easy to use that ANYONE can track where their money is coming and going:
💰 Capture all your income and expenses as they happen.
📸 Attach receipts by taking a picture—snap, save, and you’re done.
📊 Get insight to season stats, cost-per-race metrics, and racing financials.
🤓 Receive AI-powered smart suggestions for any expenses you missed.
🧾 Simplify tax time with a comprehensive year-end summary.
Don’t wait – Try it Free!
Download RaceTrips app from the Apple App Store or Google Play Store today.
Learn more: raceyear.app/RaceTrips