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
Runway Lead-in Light System Runway Lead-in Light System Consists of one or more series of flashing lights installed at or near ground level that provides positive visual guidance a>[...]
Aero Linx: Aviation Without Borders Aviation Without Borders uses its aviation expertise, contacts and partnerships to enable support for children and their families – at hom>[...]
Dave Juwel's Aviation Marketing Stories ITBOA BNITBOB ... what does that mean? It's not gibberish, it's a lengthy acronym for "In The Business Of Aviation ... But Not In The Busine>[...]
From 2010 (YouTube Version): Yeah.... This IS A Really Cool Job When ANN's Nathan Cremisino took over the lead of our Aero-TV teams, he knew he was in for some extra work and a lot>[...]
Also: Junkers A50 Heritage, Montaer Grows, Dynon-Advance Flight Systems, Vans' Latest Officially, the Carbon Cub UL and Rotax 916 iS is now in its 'market survey development phase'>[...]
ANN's Daily Aero-Term (04.24.24): Runway Lead-in Light System
See All