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You are here: Home / Archives for aircraft bonus depreciation

Tax Reform 201: Aircraft Acquisition and the “Leasing Trap” in a World of 100% Bonus Depreciation

The 2017 Tax Cuts and Jobs Act provides a wonderful opportunity for business aircraft purchasers of both new and pre-owned aircraft to take 100% bonus deprecation on the aircraft purchase price in the year of acquisition pursuant to Section 168(k), provided that the aircraft is placed in service for business use in that year. This purchase incentive, designed to spur economic activity in equipment sales, can serve as a valuable tool to free up capital and encourage business investment and activity.

 » Read more about: Tax Reform 201: Aircraft Acquisition and the “Leasing Trap” in a World of 100% Bonus Depreciation  »

Filed Under: Aircraft Deductions, Aircraft Income Tax, Aviation News, LowerLeft, Tax Planning Tagged With: advocate consulting, aircraft bonus depreciation, aircraft depreciation, aircraft tax

BONUS DEPRECIATION AND ENHANCED §179 EXPENSING EXTENDED TO 2015 AND BEYOND

  • 179 Expensing Election of $500,000; phase out starts when equipment purchases exceed $2,000,000.
  • 50% Bonus depreciation for factory new equipment

 

In a welcome display of good governance, Congress this year has largely broken its recent routine of allowing important tax incentives to expire with the start of each new year, only to retroactively reinstate those provisions as year-end approaches—leaving taxpayers during the interim on tenterhooks, guessing what tax laws they will be subject to.

 » Read more about: BONUS DEPRECIATION AND ENHANCED §179 EXPENSING EXTENDED TO 2015 AND BEYOND  »

Filed Under: Aircraft Deductions, Aircraft Income Tax, Front Page Tagged With: 50% bonus depreciation, aircraft bonus depreciation, aircraft depreciation, aircraft tax, aviation tax, bonus depreciation, section 179, section 179 deduction

2013 “FISCAL CLIFF” DEAL EXTENDS BONUS DEPRECIATION & RETROACTIVELY ENHANCES EXPENSING ELECTION FOR 2012 AND INTO 2013

On January 2, 2013, Congress completed passage of a bill addressing, at least in part, the so-called “fiscal cliff” of impending tax changes slated to occur at the end of 2012.  President Obama is expected to quickly sign the package into law.  Of particular interest to those acquiring aircraft in 2013 or 2014, the law will extend the purchasing incentive of bonus depreciation, making it broadly available in 2013, and available to certain aircraft acquired in 2014 pursuant to contracts entered into this year. 

 » Read more about: 2013 “FISCAL CLIFF” DEAL EXTENDS BONUS DEPRECIATION & RETROACTIVELY ENHANCES EXPENSING ELECTION FOR 2012 AND INTO 2013  »

Filed Under: Aircraft Deductions, Aircraft Income Tax, Front Page Tagged With: aircraft bonus depreciation, aircraft tax, aviation tax, beechcraft bonus depreciation, bonus depreciation jets

IRS RULES ON DEPRECIATION FOR MIXED-USE CHARTER / PART 91 AIRCRAFT

For owners of business aircraft who find themselves flying fewer hours per year than their aircraft can reasonably support, an attractive option is often to contract with a Part 135 charter company to use the excess capacity of the aircraft to sell flights to the public.  Such an arrangement can create a valuable revenue stream from charter customers, which often serves in addition to the owner’s primary reason for the aircraft—i.e., enhancement of the owner’s business through Part 91 flights to meet with customers,

 » Read more about: IRS RULES ON DEPRECIATION FOR MIXED-USE CHARTER / PART 91 AIRCRAFT  »

Filed Under: Aircraft Deductions Tagged With: advocate consulting, aircraft bonus depreciation, aircraft tax, aviation tax, changing class life, depreciation, part 91 & part 135

BONUS DEPRECIATION & EXPENSING AVAILABLE FOR 2012 AIRCRAFT DELIVERIES

Economic Stimulus Incentives Apply to 2012 New Business Aircraft Deliveries

New aircraft purchases and new equipment purchases for used aircraft are subject to a special 50% bonus depreciation allowance in 2012.  In certain cases, depending on the details of the contract through which the 2012 aircraft is acquired, the bonus depreciation may be enhanced to 100% of the aircraft or component cost.  The additional first year depreciation deduction is allowable both for regular income tax purposes and alternative minimum tax purposes. 

 » Read more about: BONUS DEPRECIATION & EXPENSING AVAILABLE FOR 2012 AIRCRAFT DELIVERIES  »

Filed Under: Aircraft Deductions, Aircraft Income Tax Tagged With: advocate consulting, aircraft bonus depreciation, aircraft tax, aviation tax, ordinary and necessary

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Latest Article

Tax Change Helps Executives Afford Pricier Planes

The recent changes to the tax code are giving business executives a new perk: the opportunity to deduct the entirety of a corporate-jet purchase.

President Trump signed more than 100 changes to the U.S. tax code into law at the end of last year. Among them: The price of a new or used airplane purchased by a company can be a 100% write-off against its earnings.

That is a major change.

 » Read more about: Tax Change Helps Executives Afford Pricier Planes  »

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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.