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You are here: Home / YouTube / Youtube income tax

Can I deduct the cost of personal use of a business aircraft?

 

Transcript:

It’s virtually a foregone conclusion that business aircraft will be used at time for the personal purposes of a business owner or a business employee, and often, owners want to know if they can conduct that personal use. Not all personal use is deductible, but there are some occasions on which personal use of the aircraft, provided it’s not for entertainment purposes, may still be deducted so long as that flight is provided as a fringe benefit or a compensation benefit to the person receiving the flight.

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Filed Under: Youtube income tax

Can I allow tag-along passengers to ride on my business flights?

 

Transcript:

It’s important when you consider allowing to have along passengers on business flights. There are several different regulatory authorities that you want to think about. There’s no complete prohibition on allowing to have along passengers on business flights although you certainly can’t sell them seats on your aircraft as tag-along passengers. The other thing you want to be mindful of is there can be significant reductions in the amount of tax benefit you get from the flight if you’re allowing entertainment passengers to ride as a tag-along even if they don’t cost you any extra dollars to place on your business aircraft.

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Filed Under: Youtube income tax

Are there tax benefits associated with business aircraft ownership?

 

Transcript:

Business aircraft can play a really vital role in the successful operation of a business, and there are tax benefits available to those companies that operate business aircraft. Most significantly, there can be the ability to write off a significant amount of the initial purchase or cost investment in the aircraft in the early years of the ownership which can free up capital to make additional business investments, really provide a nice vehicle for deductions provided that the ownership structure is appropriate.

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Filed Under: Youtube income tax

Will the personal use disallowance be the same for the aircraft owner and the aircraft operator?

Transcript:

Tax rules for personal use of business aircraft apply not only to aircraft owners, but to anyone making use of an aircraft, such as a lessee or even somebody just purchasing a charter flight. It is common that a plane may be owned by one company and leased to one or more affiliated companies. In that case each company must make its own calculations as to the consequences of personal use. Each has a distinct bucket of flights that are their flights and a distinct set of expenses.

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Filed Under: Youtube income tax

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Corporate Jet Investor Town Hall – Finance, Tax and All That Jazz (Webinar Replay)

View a replay of the town hall by clicking the video above, or following the link here.

As you know, these are unprecedented times for business aviation. We invite you to join the Corporate Jet Investor Town Hall as a way of staying connected and informed during this period.

Moderated by Alasdair Whyte, co-founder Corporate Jet Investor, each week CJI will tackle a different issue or topic through the knowledge of as many expert participants as possible.

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Advocate Consulting Legal Group, PLLC. 3555 Kraft Rd. Suite 240 Naples, FL 34105 and 1300 N. Westshore Blvd. Suite 220 Tampa, FL 33607. Suzanne Meiners-Levy, Esq. (239) 213-0066. Tax Disclosure. We inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under federal tax laws, specifically including the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Privacy Policy. Terms of Use.