Sponsoring yourself for tax purposes

[jpdoc01]

What is the name of your state (only U.S. law)? CO

I am a physician and a partner in a small group practice in Colorado. Three of the members of the group (including myself) are avid mountain bikers and race several times a year. We are considering sponsoring ourselves as athletes and racing under our group name. The goal of this sponsorship would be that we would supply ourselves bikes, racing equipment, entry fees etc... through the group. Essentially buying our race related gear with pretax dollars.
Are there any reasons that this would be illegal or improper?

 

[JETX]

Are there any reasons that this would be illegal or improper?

Yep... lots of them. Which is very likely what your CPA said when you asked him about this 'plan'.

 

[HappyWanderer]

How AWESOME is that? I want to SPONSOR myself on living. I'll CONTRIBUTE all my wages to MYSELF and never pay taxes!!!

Great idea. Where do I sign up?

(Fair warning. This response did not require any Googling.)