Prepare Your Flight Department Now For Tax Filing

Fortune favors those who are prepared – especially for filing taxes. And now, according to experts, is the time for flight departments to work on their tax liability. “Maybe you need to have some more business flights in order to make sure you qualify for accelerated depreciation for example,” said CPA Sue Folkringa. “Now is the perfect time to look through those flight logs and do some planning for the next month and a half.” Also, there are new tax provisions if your aircraft was damaged by Hurricanes Harvey or Irma, said CPA Angel Houck, and out-of-pocket expenses may be deductible.

Podcast Episode

December 7, 2022

NBAA, Coalition Urge IRS to Resolve Questions About SAF Tax Credit Programs

NBAA joined with a coalition of dozens of aviation stakeholders in submitting comments to the IRS on implementation of the upcoming sustainable aviation fuel blenders tax credit and clean fuel production credit.
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December 5, 2022

NBAA Member Resource: Bonus Depreciation Entering Annual Phasedown in 2023

With the phasedown of bonus depreciation beginning in 2023, NBAA’s Tax Committee has prepared a members-only resource to help answer questions with respect to claiming bonus depreciation during the phasedown period.
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November 23, 2022

Bonus Depreciation Entering Annual Phasedown in 2023

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October 31, 2022

Podcast: The Importance of Year-End Tax Planning

Upcoming changes for the tax treatment of business aviation operations, including the phaseout of bonus depreciation, along with the end to tax reductions from the Tax Cut and Jobs Act of 2017, highlight the need for operators to reassess their tax strategies.
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