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

February 22, 2024

NBAA Questions Sweeping IRS Plan to Audit Business Aircraft Use

NBAA is questioning the Internal Revenue Service’s plan, announced this week, to “begin dozens of audits” of business aircraft use by American companies and entrepreneurs.  
Read More

December 15, 2023

NBAA Welcomes Decision from Treasury on Sustainable Aviation Fuel Tax Credit; Eager for Remaining Guidance

NBAA welcomed guidance from the U.S. Treasury Department on the fuel products eligible for the Sustainable Aviation Fuel Blender's Tax Credit under section 40B of the Internal Revenue Code.
Read More

November 13, 2023

Podcast: 2023 Year-End Tax Planning

The end of the year is often a stressful time for business aircraft operators that are grappling with tax issues, particularly if they've purchased an airplane hoping to take advantage of higher bonus depreciation rates. Aviation managers shouldn’t wait until the final weeks of the year to develop their tax strategy.
Listen Now

Sept/Oct 2023

Effective Tax Tips for Small Business Aircraft Operators

Three experts share tips on how small businesses and owner-operators can avoid potential tax pitfalls related to their aircraft.
Read More