Taxes!
While I was down in Boulder yesterday, I went to a tax seminar presented by Gretchen Reeves (current US Pro Women Marathon Champion, and generally kick ass racer). Gretchen is a licensed CPA, and she brought along a tax lawyer friend. Together, they gave some great insight into how to essentially get the government to subsidize my racing. I have to claim all I get from my sponsors as income (as a self employed individual), and then I can deduct all my expenses, which in addition to things like travel, food, entry fees, and equipment, I can also include things like gym memberships, massages, and other training related expenses. I might even start an LLC (limited liability company) to offer myself some legal protection. The main thing I came away with, though, was that there is a lot of gray area with filing taxes as a self employed individual. It all comes down to the amount of risk you're willing to live with. Also, there is a lot of record keeping to be done.
Cool stuff!