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July 4th racing detour, quick tax pit stop

July 3, 2010

One of our July 4th holiday weekend traditions is watching what the hubby and I still call the Firecracker 400. It's the NASCAR night Cup race down in Daytona held on the Saturday closest to Independence Day.

This year, though, we paid added attention to NASCAR's junior varsity series. Our interest was piqued not because Dale Earnhardt, Jr., was in the Friday night field, but because he was behind the wheel of a #3 Wrangler Chevy like the one his dad drove many years ago.

The throwback paint scheme and resurrection of the #3 was to honor Dale Earnhardt, Sr.'s posthumous induction into NASCAR's new Hall of Fame.


DaleJr-070210-NASCAR-Wrangler3

It was a touching and gutsy move by
Junior. The young man is struggling right now and he knew that
if he didn't win in the #3, the intended honor would be overshadowed by
what many would see as a failure.

Well, the racing gods — and a good engine — were on Junior's side last night.

Congratulations to him for the emotional win. During post-race interviews in victory lane, he looked happier than I've seen him him years.

Here's hoping Junior enjoys tonight's
Cup race, too, but just not as much. I'm pulling for Jeff Gordon's #24
Dupont Chevrolet to take the checkers.

Bring back the Black 3: Fans also were thrilled to see one of Ironhead's rides back on the track.

Their reaction was further argument as to why Richard Childress needs to put the Black #3 Chevy back into regular Cup competition, as I write in June's Views from the Grandstands for Truckers News and Crazy Woman Driver for Changing Lanes.

More racing rants: My July motorsports column looks at NASCAR's short-sighted cost control measures.

Read how letting the teams that can afford to and want to spend big bucks can benefit the whole sport in Cost of 'Cost Controls' in this month's Views From the Grandstands column.

Motorsport tax break: And even on a holiday weekend, as a committed tax geek I just can't post without a tax hook. So here's the tax connection to NASCAR.

The tax extenders bill that's stalled in the Senate includes $38 million in tax breaks for NASCAR racetrack owners. Specifically, facility owners can use a quicker seven-year depreciation schedule for new construction and improvements to racetracks, grandstands, parking lots and other facilities.

This provision came in for a lot of criticism the last time the extenders were approved. The same thing is happening now, but if Congress ever does finalize this legislation, expect the tax breaks for NASCAR benefits to be there.

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The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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