NetJets Questions

[A4Forever]

Chicaga. 1.Yes 2. Expense Report 3. HMO and Med Mutual of Ohio, no 4. Yes, no 5.no Sorry to be so short, but I'm tired!

 

[Duke of Ale]

Concerning taxable income for per-diem.

It is not taxable as long as it is not more than allowed by the IRS. I have received per-diem for over 37 years and have never paid taxes on it. I have written off more than received which is allowed by the IRS for about 15 years now. A4Forever needs a better CPA if he pays taxes on all of his per-diem. No place on the W-2 from NETJETS is listed per-diem received.

Dukie

 

[A4Forever]

DA Duke is right in that NJA nor anyone else reports per diem on your W2. However, on Sched A (form 1040) you list unreimbursed expenses. Should you not claim expenses equal to or greater than that paid by your employer, the excess per diem paid to you does become taxable. We would NEVER let that happen, would we? Right Duke?

 

[A4Forever]

NetJets buys a ticket for you from your gateway to wherever the aircraft is. You only expense money from your pocket , tips and anything you might have to by for the plane like news papers, soft drinks, ect. You also pay for your hotel and put that on your expense report. Most guys like this as you build up a ton of miles/points at the hotels/airlines. You also expense your per diem. NJA pays an hourly per diem so I keep track of what I spend each day. Your expense report is submitted at the end of your tour. Usually takes 10 days or so to get the reimbursment.

 

[Duke of Ale]

A4 Forever
Haven't been paid more in expenses than I have spent yet! And you don't need to keep records of how much you spend each day as the IRS allowed amount is much more than the per-diem NJA gives us. Unless you go over the amount allowed of course. I have been using an average for the US and don't even try to keep tract of every RON I did. But if you are on the "A" (which doesn't exsist) team and go to Europe or elsewhere outside the US, then I note the city. For instance, Paris was about $102/day if your hotel was paid for and I was receiving $48/day so I could write off $54/day for the Paris trip. And you still don't need receipts! This was in a previous life by the way. I guess you figured that out long ago.