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Way to many variables involved to be answered on a message board. I'm going to assume by your questions and assumptions you're not using a CPA to prepare your tax forms. Ask around and find one in your area. They are not nearly as expensive as most think. Do not confuse a CPA with a tax preparer or assume they will do for you what a CPA will do for you. And for the LOVE OF GOD, I don't care how intelligent one thinks he/she may be do not prepare your own tax forms when any relation to business is involved no matter the size or dollar amount.
Your racing may or may not recognized as a business but there could and probably are tax breaks available to you that are very beneficial and completely legal.
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