Category: Youtube income tax

  Transcript: Aircraft are subject to tax depreciation that is very accelerated based upon, in contrast, the actual loss of value of the aircraft. That is makers for part 91 […]

  Transcript: Tax record keeping for aircraft is different because the IRS says that they want us to meet a higher standard in showing the use of the aircraft and […]

  Transcript: When a company compensates and individual in the form of providing use of the company airplane, that type of flight is known as a fringe benefit flight. It […]

  Transcript: Just like any other deductions you’re going to take on your tax return, aircraft deductions, many of which are direct expenses. You want to keep receipts, you want […]

  Transcript: The schedule that you use to depreciate your aircraft is going to be determined by the use profile of the aircraft subject to the depreciation. Most part 91 […]

  Transcript: The occupied seat rule generates out of Section 274-10, which defines personal use of business aircraft. What occupied seat rule says is the IRS is going to treat […]

  Transcript: The passive activity tax rules divide income and loss into three buckets: active, passive, and portfolio. Most income tends to be active, for example, salary income and most […]

  Transcript: SIFL stands for the Standard Industry Fare level, and it’s a multiplier that’s purchased by the IRS in order to help you value personal use of business aircraft. […]

  Transcript: Qualified business use is a term of art when considering business aircraft and it is most commonly used in reference section 280F of the IRS code. Qualified business […]

  Transcript: The owner of an aircraft cannot begin depreciating it for tax purposes until it has been placed in service for business use. A common accounting rule of thumb […]