Aviation Tax Deductions

[qmaster3]

Does anyone deduct their flight training?

 

[EatSleepFly]

From what I understand- and I'm by no means an expert on this- you canonly deduct what you've done to further your career. I take this tomeanafter you've already been employed as a pilot. For example, if yougetyour CFII or MEI after you're employed as a CFI, you can deductthosetwo.

I was going to deduct my CFII a couple years ago, since getting myfirst CFI job was contingent on getting my CFII first. When it camedown to it, it was still less than the standard deduction.

Anyhow, I'm sure someone on here knows much more about this than I and can fill you in better.

EDIT: WTF is up with these spaces (actually lack thereof)?!

 

[jetdriven]

i thought you couldnt deduct the cost of training for a new career?

 

[qmaster3]

The company that did my taxes made the deduction. The guy even called his boss to ask. Hope I don't get the big Audit

 

[minitour]

The company that did my taxes made the deduction.Theguy even called his boss to ask. Hope I don't get the big Audit

Nice thing is if you do, you're only responsible for the tax dollars...they are responsible for the penalty...

-mini

*edit*
I would think if you're employed (CFI, 91, 135, whatever) you coulddeduct the cost of charts, supplies, etc. as a "non reimbursed"business expense...unless, of course your company gives youthose...then you're all set...

-mini

 

[Big Duke Six]

"From what I understand- and I'm by no means an expert on this- you canonly deduct..."

You're making me hungry. I had one of those for lunch the other day!

Oh, wait, that wasn't it.....

 

[bobbysamd]

Aviation tax deductions

You cannot deduct costs of training for the basic credentials needed to qualify you for a new vocation. I.e., you cannot deduct all training leading to your Commercial and initial CFI ratings.

You can deduct any training needed to further your career if you are a working pilot. E.g., type ratings, ATP, weekend written-exam courses, etc. Some people would argue that add-ons to your CFI are deductable; I would disagree unless you have been instructing for a while and can prove you need them to progress. By the same token, a pilot who has been working at it a while and wants to instruct probably can deduct the full expense of his/her CFI.

You can deduct job-hunting expenses, e.g., resumes, transportation and lodging to interviews, etc. Trying to deduct a $500 Brooks Brothers suit for interview purposes would be pushing it. But, you can deduct uniform expenses, uniform dry cleaning, etc.

You can deduct professional magazines. I've heard of pilots deducting cable because of Weather Channel, but I don't think I'd do that.

Of course, all of the examples would be deductable if you itemize your deductions. Really good $0.02 advice would be to calculate your taxes using the standard deduction and itemizing to determine which would be better.

Happy tax season to all.

 

[METARMan]

What happens if you lose your pilot job then decide to pursue additional education to get another job? Can those additional education expenses be deducted?

 

[mayday1]

What happens if you lose your pilot job then decide to pursue additional education to get another job? Can those additional education expenses be deducted?

nope, not as far as I've heard or understood... ever heard of anyone deducting the cost of law school or medical school?

 

[SF3CA]

how bout this one. My wife was a gate agent and now she is a dispatcher. It was an inter-company transfer and the company does not pay for school or the move. We paid for both and I was planning on deducting both from our taxes. Any thoughts?

 

[bobbysamd]

What happens if you lose your pilot job then decide to pursue additional education to get another job? Can those additional education expenses be deducted?

No can do. Any type of education or training that leads to basic credentials for a new vocation is not tax-deductable.

 

[bobbysamd]

how bout this one. My wife was a gate agent and now she is a dispatcher. It was an inter-company transfer and the company does not pay for school or the move. We paid for both and I was planning on deducting both from our taxes. Any thoughts?

You can deduct your moving expenses as long as the meet the IRS distance criteria. I would say she could deduct the school because it was training to further her airline career.

 

[NewBlue]

Do we get any tax break working for non-profit organizations?

 

[cougar6903]

Do we get any tax break working for non-profit organizations?

That sure would help out all thise Delta and AA pilots out there.

 

[qmaster3]

This is the first year I had to Itemize. What should I do? Let the tax company handle it? Report it to the IRS? Wait for an Audit? Call a lawyer? Drink a beer and forget about it?

 

[apdsm]

This is the first year I had to Itemize. What should I do? Let the tax company handle it? Report it to the IRS? Wait for an Audit? Call a lawyer? Drink a beer and forget about it?

Find a good tax person via recommendations from people you know. The more complicated your taxes, the more likely a good tax person will pay for her/himself.

 

[bobbysamd]

Find a good tax person via recommendations from people you know. The more complicated your taxes, the more likely a good tax person will pay for her/himself.

Seconded, absolutely.

 

[rwelch]

Pilot-Tax.com???????

Anyone ever used http://www.pilot-tax.com/ ????

 

[RJET]

pilot tax

I called pilottax.com and they told me they will charge $595 for the standard fee. That is too much money.

 

[Kingairrick]

I put this on the related thread. I use Wolcott & Associates. www.aviation-cpa.com and I think they are great. They charge much less than that. I think I paid around $350 last year...