Second in a series of articles on “How to Survive an IRS Audit of your Aircraft” There are many valid business reasons to separate aircraft ownership from the operating […]
179 Expensing Election of $500,000; phase out starts when equipment purchases exceed $2,000,000. 50% Bonus depreciation for factory new equipment In a welcome display of good governance, Congress this […]
Tax Depreciation of General Aviation Aircraft Businesses throughout the country routinely make use of general aviation aircraft to provide travel and communication efficiencies that provide them with an important competitive […]
In September 2013, the Department of Treasury released long-expected final regulations governing what expenditures can be deducted as repairs in the year incurred, versus what must be depreciated over multiple […]
Deducting Aircraft Expenses? Detailed Tax Calculations Now Mandatory New IRS regulations effective in 2013 and forward require taxpayers claiming deductions for aircraft to undertake detailed calculations to determine what […]
On January 2, 2013, Congress completed passage of a bill addressing, at least in part, the so-called “fiscal cliff” of impending tax changes slated to occur at the end of […]
For owners of business aircraft who find themselves flying fewer hours per year than their aircraft can reasonably support, an attractive option is often to contract with a Part 135 […]
Economic Stimulus Incentives Apply to 2012 New Business Aircraft Deliveries New aircraft purchases and new equipment purchases for used aircraft are subject to a special 50% bonus depreciation allowance in […]
“T and E and out by three,” is a long-standing adage among IRS agents, reflective of the fact that Congress has elevated the recordkeeping requirements for travel and entertainment expenses, […]
The best way to protect your aircraft deductions is travel for business and thoroughly and consistently retain documents you can use on audit to show (1) the business reason for […]
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