Thu, Jan 27, 2005
It'll Still Hurt On April 15th -- But This Could Make It A Lot
Less Painful
The W-2s are in the mail, and you're
about ready to schedule that painful visit with your tax
preparation professional. AOPA can't lessen that pain, but it can
give you and your tax advisor information that may help you with
tax issues concerning your aircraft.
AOPA has just updated its "Pilot's Guide to Taxes" for 2005,
with information on income tax, sales-and-use tax, and personal
property tax. The guide is written by Ray Speciale, an attorney and
certified public accountant who is also a lecturer in business,
accounting, and economics at Mount St. Mary's University in
Maryland.
The income tax section includes information on the deducibility
of aircraft and flight training expenses, the hobby loss rule, and
issues related to aircraft leasing. Questions and answers explore
such topics as when you can take a tax deduction for depreciation
of your aircraft, what is bonus depreciation, and whether you can
take a deduction for donation of your aircraft or services as a
pilot.
There are suggestions for preventing
or dealing with problems with the IRS. And there are summaries of
relevant court cases and IRS rulings for you and your tax advisor
to review.
Another section of the guide tackles the basics of sales-and-use
tax issues. Members purchasing aircraft are particularly concerned
with potential liability for sales-and-use taxes. The guide reviews
the essentials of personal property taxes and registration fees and
includes a listing of states that impose personal property taxes
and/or registration fees.
"It is important to keep in mind that the guide will only
provide you with general information regarding tax issues that
could affect you as an aircraft owner and pilot," said Woody
Cahall, AOPA vice president of aviation services. "You should
always consult with a tax professional regarding your specific tax
questions. But the guide has resources to assist you and your tax
professional to find the right answers."
More News
Also: B-29 Superfortress Reunion, FAA Wants Controllers, Spirit Airlines Pulls Back, Gogo Galileo Van's Aircraft posted a short video recapping the goings-on around their reorganiz>[...]
Light Gun A handheld directional light signaling device which emits a brilliant narrow beam of white, green, or red light as selected by the tower controller. The color and type of>[...]
"The journey to this achievement started nearly a decade ago when a freshly commissioned Gentry, driven by a fascination with new technologies and a desire to contribute significan>[...]
"Our driven and innovative team of military and civilian Airmen delivers combat power daily, ensuring our nation is ready today and tomorrow." Source: General Duke Richardson, AFMC>[...]
Aircraft Conflict Predicted conflict, within EDST of two aircraft, or between aircraft and airspace. A Red alert is used for conflicts when the predicted minimum separation is 5 na>[...]
Airborne 04.16.24: RV Update, Affordable Flying Expo, Diamond Lil
See All