Is an aviation accountant worth it?

[Mallard]

Just curious how many people have used an accountant that specializes in airline pilots? Is the whole per diem and other pilot specific deductions worth doing for s regional FO? Or is it better to take the standard deduction?

 

[Clyde]

Just curious how many people have used an accountant that specializes in airline pilots? Is the whole per diem and other pilot specific deductions worth doing for s regional FO? Or is it better to take the standard deduction?

Mallard,

I've never used an accountant who specializes in airline pilots. However, my CPA deals with a lot of pilots I fly with, as well as friends of mine who don't fly. I think as long as you go to a CPA or tax preparer who is reputable and does good work, you should be alright.

As far as your last two questions above, I don't know. I would ask your CPA those questions.

 

[Rhoid]

I doubt that any commuter F/O would make anywhere near enough $$$ to make a difference.

 

[FlyChicaga]

At what point would itemizing (sp) deductions pay off for a regional pilot? Captain rates? High FO rates? I'm curious about this as well, since I hear so many pilots talking about what to itemize on their taxes. I feel like I should be doing this as well, but I also believe my pay rate isn't high enough for it to matter.

 

[jarhead]

At what point would itemizing (sp) deductions pay off for a regional pilot? Captain rates? High FO rates? I'm curious about this as well, since I hear so many pilots talking about what to itemize on their taxes. I feel like I should be doing this as well, but I also believe my pay rate isn't high enough for it to matter.

I don’t believe that it is your income alone or which seat you fly in that will determine whether or not you should itemize tax deductions or to take the standard deduction. It is what you spend in the year that actually IS deductible from income taxes. If you own a home with a substantial mortgage on it, you will have the interest on that mortgage to deduct. Likewise, having a home you would have most likely paid property taxes on the home….that’s deductible. Just those two items alone will more than likely be way above what the standard deduction will be. Then there is the other things like charitable contributions, stock losses etc, that also have a bearing. If one has a large income, but does not spend it on anything that is deductible, you’ve got nothing to itemize. Then the Standard deduction is what would be used.

Most tax preparation software, such as TurboTax, will ask you all the proper questions, and depending on your answers, will tell you whether or not to itemize or not.

 

[rattler]

I switched to an aviation accountant several years ago, and I am very happy with his performance. He just understands our buisness better than some EA at H&R Block. My returns have increased significantly.

 

[Vik]

An accountant is worth it if he/she can save you more than your friendly Turbo Tax program.

If your taxes are simple, don't pay a CPA.

If you had to pay for your own Jepps, uniform, etc., you have a mortgage and/or are earning rental income, and things are getting complicated, get a CPA.

At some point your taxes will become that way especially when get older. Don't risk doing them yourself if you are not confident.

Once you get audited, you are 10x more likely to get audited again [yes! they keep a list].

Also, look at your salary. After 5yrs at a regional, you're still making $35k/yr, how much are you really paying in taxes and how much does the CPA cost? If the CPA costs $500, it might not be worth it.

Lastly, if it still bothers you, pay a CPA, try it once, see if it helps you any and chalk up the cost to a good learning experience.

 

[Flying Illini]

Lastly, if it still bothers you, pay a CPA, try it once, see if it helps you any and chalk up the cost to a good learning experience.

Very good advice...I may give it a try this year. Any body know of a reputable one in the CMI area?

 

[Vik]

Now thats a great idea .. a thread listing aviation friendly accountants for not just pilots but airplane owners, etc.

Very good advice...I may give it a try this year. Any body know of a reputable one in the CMI area?

 

[RJET]

Does any know an aviation accountant in the DC Area. I just hate sending that kind of info over the mail.
Thanks

 

[Stick Man]

I doubt that any commuter F/O would make anywhere near enough $$$ to make a difference.

God forbid anyone of us that has a sugar-mama at home or a nice kitty built up from a prior career.

http://www.flightcrewtaxes.com/index.htm

http://tax4crews.com/