Tax Deductions...Per-Diem

[NR133]

Here is another Tax Site. They also do flight crews taxes, called CPADALY.com. They look like they would do a good job, but they are very expensive. They start at $245!

 

[ualORD]

Good pla

 

[72Longhorn]

Also, don't forget......

Don't forget:

Cell phones, Interview expenses, moving expenses (milage), uniform costs, dry cleaning, ear-pieces/ headsets, flight bags.

I've even heard of some people deducting their Lap top computers. I don't know how, but they do. Oh, and a home office can also be deducted!

If anyone knows of anything else I can deduct let me know.

72Longhorn

 

[atpcliff]

Hi!

You CAN deduct your computer, printer, and all other major items. To do so, you are only allowed to dedect/depreciate the % value of each item that is actually used for the business purpose. For example, if you use your computer/scanner/printer/fax machine 40% of the time with something to do with flying/airline job, you can deduct 40%.

If you are going to deduct 100%, make sure that you ONLY use the item for the business purpose, which may be possible, for example, if you have 2 computers and use the 2nd for all personal/non-business purposes.

Home office deductions are fairly difficult to get, because you have to use the space/equipment in your home ONLY for business. You must not use that physical space for anything except that business use. If you do qualify (we don't), then you can depreciate that % of the house (that % of the square footage), but that then affects the value of the house when you sell it.

I use TurboTax, which sits you down at your computer, like it's the accountant, and then asks you 20 millions questions. When you use it the 2nd year (like most all other tax programs, I assume), it automatically downloads all of last years info/forms/schedules, etc., which saves a lot of time.

The first year my taxes were "complicated", I used a tax attorney. I was asking her to explain the depreciation on my vehicle, and she said she had no idea how it was done, the computer program did it. I thought, why pay her way more that a computer program, when I can buy the program, do it myself, and save $.

Good Luck!!!

NOTE: Once again, I'm just a guy. I'm not a tax professional, so I definitely could be wrong about parts/all of the statements made above.

Cliff
GB,WI

PS-The key to taxes, especially if you have more deductions than the standard deduction, is to keep thorough records throughout the year as you go along. I put ours on one giant spreadsheet. It makes tax time MUCH easier!

 

[NR133]

You can deduct your computer! But you have to depreciate it over a 5 year period. If you spent $3000, that's good for $600 for the next 5 years. Just don't forget to use it next year.

 

[TurboS7]

I have used TurboTax for the last 4 years, saved me a lot of money and it is quick and easy. Once you have the info you can run the program and get it all done in 4 to 5 hours.

 

[bobbysamd]

Tax deductions

I second everyone who've opined that you can deduct your computer(s), printers, etc. Without a doubt in my non-CPA but B.S. in Accounting mind, you can deduct whichever computer logbook program you use. I agree with 72Longhorn on all the items he mentioned. I believe that moving expenses are computed on a separate IRS schedule before the bottom line is placed on your 1040.

Don't forget about deducting a type rating, and room and board expenses incurred while earning the type. I deducted my Citation type and enjoyed a nice, $3K+ itemization. Be creative in pondering your deductions. Pilot magazine subscriptions are fully deductable. AOPA membership is deductable. CAP membership is deductable as a charitable contribution. People who participate in Angel Flight can deduct the costs they incur.

I'd still be skittish about the crash pad deduction because of the tax residence question. But, your airport car mileage and food away from domicile are deductable less any per diem.