Fed Tax Deduction specifically for pilots

[pa56pa]

Does anyone know the website that would help me find travel deductions for pilots, or anyone one involved in travel? Someone told me that there's even a set standard deduction put out by the federal gov't categorized by destination city which may include meal, hotel and/or rental expenses, is that true?

 

[G100driver]

It depends of if you paid for your own training and or a contractor.

If these expenses are coming out of your own pocket as a legit business expense then you are entitled to a deduction. If you are being re-imbursed by your employer than you cannot.

 

[pa56pa]

so.... website is? cuz I can't seem to find it now...

 

[G100driver]

????? Hire an accountant. You are a pilot, you can afford it

 

[fly4surf]

search for 'per diem'
may find something

 

[Dextermd]

Try going to www.gsa.gov and then check the per diem rates. This is the amount that the govt. gives it's travellers.

 

[2000flyer]

Google Search: Flight Crew Tax Help

 

[atpcliff]

Hi!

http://www.gsa.gov/Portal/gsa/ep/co...IC&programPage=/ep/program/gsaBasic.jsp&P=MTT

The site is vastly improved, as you can look at 2005 AND prior tax years.

Oct 1 is the new fiscal year for the feds, so 2004 rates apply to travel through the end of Nov, 2004, and the 2005 rates apply from 1 Oct 2004 on.

You can deduct perdiem (which covers meals, tips and misc.) when U travel, minus any perdiem paid by your company. If your company pays for your hotels, you can't deduct the lodging cost.

Also, if you want, you can deduct the exact cost of your meals when U travel, but it's easier (and ususally gets you a higher deduction) by using the perdiem.

Be WARNED!

More and more people are subject to the Alternative Minimum Tax (AMT), which does NOT allow the Misc. 2% deductions (as in Unreimbursed Business Expenses). Having a lot of deductions may send you into the AMT, so you may pay less tax if you don't report all/any of your Misc deductions.

CLiff
YIP

 

[pa56pa]

Thanks for the replies...

 

[soarby007]

Get a tax cut CD and enter the data. Such as Turbo-tax or maybe recip-tax.