Found this on the web and it might help some on UR taxes... Did you buy a new car, light truck, motor home or motorcycle between February 17 and December 31 of 2009? If so, in 2010 you can deduct state, local, and excise taxes related to the purchase. If your state has no sales tax, you can instead deduct other taxes or fees the purchase generated. A neat feature of this deduction is you can use it to increase your standard deduction or take it as a regular itemized deduction, whichever works out best for you. There are a couple limitations to know about. First, the deduction is only good on up to $49,500 of the purchase price. Second, it's phased out at certain levels of modified adjusted gross income (MAGI) - between $250,000 and $260,000 for joint filers and from $125,000 to $135,000 for other taxpayers. MAGI is your AGI plus certain deductions such as those for student loans, IRA contributions and higher education costs.
I suspect he means doing business as. Which probably means a seperate schedule c. With stuff like racing and motorcycle racing is small potatoes a business is supposed to file a seperate schedule c for each venture they enter into. If after three years your winnings which the tracks which pay and are supposed to follow 1099 rules of reporting are less than your expenses and you show a loss then there are more forms to fill out. In acutality this is followed about as much as mandatory helmets on bicycle riding minors. I am not a cpa just took the adult education course maybe 15 yars ago at the town hall and the wife is a book keeper as a job. Fran
