Category: Youtube income tax

  Transcript: A personal use disallowance is a disallowance of aircraft operating expenses, that would otherwise be taken on the return, that results from personal use of the business aircraft. […]

  Transcript: A grouping election is an indication to the IRS that an aircraft is part of a larger economic enterprise or activity, and that the profit seeking activity, and […]

  Transcript: If you’re going to be taking business deductions on your aircraft, it’s a good idea to keep a separate flight log for tax purposes. It’s going to require […]

  Transcript: The sale of a depreciated aircraft usually results in a gain, taxable as ordinary income, rather than capital gains. In fact, any excess of tax depreciation over economic […]

  Transcript: The expenses that can be deducted for the use of a business aircraft are wide ranging and as an aircraft owner or operator you’re probably well aware of […]

  Transcript: In setting up a business craft ownership structure and in taking deductions from business aircraft, there are a variety of traps. What we’re trying to do generally as […]

  Transcript: Yes, there’s several avenues in order to appeal the proposed adjustments of an IRS audit provided that you act within the time windows required by the IRS. Generally, […]

  Transcript: Because aircraft generate relatively large expenses on tax returns, especially with the purchase incentives of depreciation, they may be more subject to you receiving an IRS notice. Generally […]

  Transcript: If you’re operating your aircraft for business and otherwise taking deductions for that business use of the aircraft, it is a good idea to also take depreciation deductions. […]

  Transcript: Depreciation for aircraft for federal tax purposes have a variety of various schedules, depending on how the aircraft is used. That is for most part 91 business aircraft […]