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.
International Business Aviation Council Ltd.