Forum: HoseHeads Sprint Car General Forum (go)
Moderators: dirtonly  /  dmantx  /  hosehead

Let me just start off by saying this is NOT a post to bash Kasey, but what is up with this ride? He constantly underperforms. He obviously has millions, but I would have to think it's eventually costing him money for that extra hauler to go up and down the road without winning. I'm sure he realizes that as the owner of the whole team. Missed the feature again tonight. Is he possibly waiting for the perfect driver to fill the seat?

Maybe he enjoys racing and considers it reasonable to spend money with the left hand that was made with the right hand. Happens everyday, fishing isn't financially responsible, neither is hunting or quading or riding horses. 

Even though I may not know you, I 
care what most of you think!

i would think that his age has  plenty to do with it...

Ascot was the greatest of all time..

West Capital wasn't half bad either..

Life is good...

I'm with RodinCanada here.  He enjoys the hell out of it judging by his reaction when he won at Husets.  I really don't remember him ever having success against the Outlaws, so when he faces that kind of talent, and doesn't perform to their standards, its really not a big surprise, is it? 

As Rodin said, it's his money, he can do what he wants with it.   Most fans on here think Tony and Kyle should just run cars out of their pockets because they're worth millions.  They're business men and run their race teams like a business and choose how to spend their money.  Kasey does the same.  He doesn't owe anyone anything and seems to be having a blast doing it!  Also, who knows what his sponsorship deal is with Karavan?  

The fishing and hunting comment is spot on.  Add boating, motorcycling, UTVing....................they're all hobbies we have that don't exactly make us any money!  The last time I went crappie and walleye fishing for a week, I ended up spending about $400/lb. for the fish I caught!  The most expensive free fish of all time!  I didn't do it to come out ahead.  I did it because I could afford the trip and that's what I do for fun.  Kasey can afford to run his sprinter.  He earned every cent.  

I bet I could name some of these drivers haha

Well hey he ran double duty to give him twice the amount of chances to spin. Got to admire the dedication. At least he didn't spin and take out one of the leaders after the race this week. Im such a "positive" guy I had to look on the bright side.

Don't get your panties in a twist. I was simply questioning it because most owners with traveling teams wouldn't tolerate continuous subpar performance, especially with the cost of everything these days. I was simply questioning it because it doesn't make a whole lot of logistical sense to me and thought there were a lot of knowledgeable people on here to chime in. But I guess the whole hobby thing makes sense to me if he doesn't care about losing money.

I don't think Ford was overly worked up in his response. I'd agree though. Kasey is not honestly doing to bad. When he runs it's usually against the WoO and most drivers ever to race will never hold their own with them. He showed outside the WoO he is capable of winning. He doesn't look too bad but he's no spring chicken anymore racing against the best of the best. I doubt money is a huge concern but rather doing it to have fun and stay relavent. Once in a while he finishes top 10 or better and is probably looking for his break for when he finally has a night where it all comes together and wins one. Would be pretty cool to see and I'd be happy for him if it happened.

It is a buisness.  An expensive one at that.  Tax write offs is something I never hear discussed in sprint car racing.  There are plenty of loop holes in our great countries tax laws and alot of sneaky accountants.  

hahah because some disagrees with you apparently their panties are twisted? 

If he's having fun, and can afford it, then why not. He's not dangerous, and I don't know how or who is paying his bills so I can't say he's losing money or not. 

Keep It Real

Without tax write offs, 80% or more of sprint car teams would never exist. Just look how many car owners are business owners and then look what happens to the race team when they retire and sell off their business. Not all, but most of them also get out of racing soon after or at least scale back to a lesser role than car owner. It happens all the time. 

It's post like this, and the one you replied to that remind me that most people do not understand tax laws or tax write-offs.

Please enlighten us with your Income Tax law prowess!

Rule # one. Nobody makes money by losing money as some seem to think. It might cost less because of tax deductions but you don't make money when you lose money.

Kasey's net worth is reported to be in excess of $50 million.  I don't think he should give his money away running a team with another driver, but if he wants to drive his own car, and put it up and down the road, who are we to tell him how to spend his money and free time?  

To be clear, if I was worth $50 million, and hired a driver for my sprint car, he/she would have to perform for me to keep him/her around.  I wouldn't be doing it for charity, and I would expect wins.  This is not the same as me deciding to run my own car from my $50 million dollar bank account.  I can finish dead last every night as long as I'm still having fun. 

Murphy the line in the drive-thru is getting long. Please get back to work or you're fired!

https://youtu.be/HYkbc1Di9D4

Insulting someone is always going to be easier than talking like an adult. I presume you have all your retirement money invested in race team write-offs because that's where you think the big money is?

Taxes, tax write-offs and accounting are really complicated. Suggesting that racers, or any business are getting big bucks somehow from Uncle Sam with "tax write-offs" is not complicted. It's not true either. In fact, it's somewhat ignorant.

To be overly simplistic, there are two main areas where tax write-offs might come to play in your scenario. 1) Businesses like racing need to show a profit more years than a loss. It used to be 3 out 5 had to show a profit. If you don't meet that requirement, the IRS deems it a hobby, and not a business. There are no tax write-offs for hobbies. 2) A write off means only that you are not paying taxes on a portion of the expense. If your racing operation loses $10,000 this year, you may be able to pay less taxes. if you're in the 15% bracket, that's $1,500 less taxes. You won't ever get a bigger tax break than what you owe in taxes. 

"Tax write-offs" don't mean "Free Government Money!!!" 

See my post above.

In cases where you see the car owners business name plastered all over the car and hauler its likely that the business corp is paying the team corp for sponsorship/advertising.   

Which still doesn't equal free money from the govt, it just means that the car owner would be using pre tax dollars to fund his/her hobby.

Have any of you ever given sponsorship to a team ?  Cash or product ? Just curious.