What business is he in? Metal recycling. Didn’t know that business brings that kinda money to run professionally. Wow.
I think it's a lot more than that. I recall hearing that his company is the one that demolished Candlestick Park in San Francisco.
If you need to hire someone to demolish a property - Mike and his wife Monica own a business that covers - EVERYTHING.
Demolition - YUP
Clean-Up - YUP
Recycling - YUP
Hauling Everything Off Site - YUP
Port-a-Johns - YUP
....and even more....
By only having "Scrappers" on the side of his TF car instead of something like "Knuckle Sandwich II", is the whole thing a tax write-off these days?
No. To my understanding, he can write off the initial cost of putting the name on the car and that's about it. The IRS is well aware of the difference between a business and a hobby. Mike isn't doing this as a business. He can probably claim some "entertaining" expenses say for the hospitality tent etc if he brings in actual business clients. But again, I'm pretty sure you have to be very careful about what you're attempting to claim under the racing category. Very profitable companies would be careful about attracting extra IRS attention IMO. You can't claim everything as an "advertising" cost. But there are probably others on here that know more about this, perhaps they'll chime in too.
Would hate to see the Alan Johnson rumor be true, but wouldn't be surprised at all if Connie was looking for new tuning talent in his top fuel teams. The funny car is holding its own, but the dragsters are really struggling.
Only for a fairly limited time unless the the racer's company is at least somewhat racing related.
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