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
Aero Linx: International Flying Farmers IFF is a not-for-profit organization started in 1944 by farmers who were also private pilots. We have members all across the United States a>[...]
From 2017 (YouTube Version): Remembrances Of An Israeli Air Force Test Pilot Early in 2016, ANN contributor Maxine Scheer traveled to Israel, where she had the opportunity to sit d>[...]
"We renegotiated what our debt restructuring is on a lot of our debts, mostly with the family. Those debts are going to be converted into equity..." Source: Excerpts from a short v>[...]
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>[...]
Chart Supplement US A flight information publication designed for use with appropriate IFR or VFR charts which contains data on all airports, seaplane bases, and heliports open to >[...]