Tax Deductions
I do have a degree in Accounting and did my own taxes for years, including the time I was in professional aviation, but I'm no expert. Having provided that CYA, here goes.
You can deduct meals. You can take the mileage deduction, lodging and other expenses not covered by per diem. You can take these and other deductions only if you itemize.
Moving expenses are a deduction if you meet the criteria set forth by "jetdriven." I believe there is a separate tax form on which you compute your moving expenses. The computation goes on your 1040. Moving expenses include cost of the moving company or U-Haul, lodging en route to the new location, meals, fuel, etc. Of course, any company reimbursement
would be an offset against these expenses.
I'd figure it out both ways. Except for a couple of years, I actually came out ahead using the standard deduction.
While I'm at it, if you're creative you can deduct a myriad of things you might not think of ordinarily as being tax-deductable. You can deduct a type rating fully. You can deduct the cost of uniforms and their maintenance. That could turn out to be a handsome deduction; doesn't a uniform go for at least $500 these days? You can deduct magazine subscriptions. You can deduct Jepps, as long as your company does not provide them to you. I'd also say, in my .02 opinion, you can deduct books on flying.
Contrary to popular belief, you cannot deduct your crash pad. The rule of primary residence applies.
Another old wive's tale is you can deduct the cost of initial training to become a pilot. Sorry. Training to prepare for a career is not tax-deductable. Compare it to going to college. You cannot deduct the cost of college.
I know there's a website devoted strictly to professional pilot tax return preparation, and I'm sure someone will post it.
Happy (!?) tax preparation.
