Let me preface my questions with two things: I am an airline guy and dont know ******************** about corporate aviation and a professional will be consulted prior to doing anything.
I have been asked by a friend who owns a fairly successful business to do some research on helping him get into an airplane of some sort(still sorting out what will work best for him). I am in the initial stages of all of this. I am looking for a list of things that can be used as tax deductions in regard to corporate aircraft. I will consult with an aviation tax professional prior to actually getting the aircraft up and running, but I just need some stuff to tell this guy when I pitch him the various aircraft.
Are these things deductible:
Fuel
Insurance
Hangar
Pilot Pay and benefits(medical and retirement)
Interest on the note
The note itself(depreciation vs. straight write off)
Engine Reserves("TAP" type program)
MX("Pro-Parts" type program and mechanic fees)
Daily pilot expenses and hotel rooms
Pilot training and recurrent training
Anything else I am missing that could be used as a tax write-off?
I have been asked by a friend who owns a fairly successful business to do some research on helping him get into an airplane of some sort(still sorting out what will work best for him). I am in the initial stages of all of this. I am looking for a list of things that can be used as tax deductions in regard to corporate aircraft. I will consult with an aviation tax professional prior to actually getting the aircraft up and running, but I just need some stuff to tell this guy when I pitch him the various aircraft.
Are these things deductible:
Fuel
Insurance
Hangar
Pilot Pay and benefits(medical and retirement)
Interest on the note
The note itself(depreciation vs. straight write off)
Engine Reserves("TAP" type program)
MX("Pro-Parts" type program and mechanic fees)
Daily pilot expenses and hotel rooms
Pilot training and recurrent training
Anything else I am missing that could be used as a tax write-off?