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You are here: Home / Archives for cirrus tax deductions

Tax Trap for 2011 – Failure to Elect Grouping of Aircraft Company and Operating Company

Second in a series of articles on “How to Survive an IRS Audit of your Aircraft”

 

There are many valid business reasons to separate aircraft ownership from the operating companies it serves.  These often include liability protection, ownership differences, and managerial issues to name a few. Although it is often beneficial to segregate ownership for non-tax reasons, it is important to avoid inadvertently causing the aircraft entity to be treated on a “stand-alone” basis for passive activity income tax purposes. 

 » Read more about: Tax Trap for 2011 – Failure to Elect Grouping of Aircraft Company and Operating Company  »

Filed Under: Aircraft Deductions, Aircraft Income Tax Tagged With: advocate consulting, aircraft tax, aviation tax, cirrus tax deductions, economic profit expectation, grouping activities, grouping election, hobby loss, ordinary and necessary, passive activity

TAX DEDUCTION OF BUSINESS AIRCRAFT 2014 UPDATE

Tax Depreciation of General Aviation Aircraft

Businesses throughout the country routinely make use of general aviation aircraft to provide travel and communication efficiencies that provide them with an important competitive advantage.  As part of a general Congressional approach to encourage business investments, the Tax Code allows a rapid depreciation schedule for aircraft that allows owners to fully write-off purchase/acquisition costs over a period of time (usually five year) that is far less than the economic life of an aircraft.

 » Read more about: TAX DEDUCTION OF BUSINESS AIRCRAFT 2014 UPDATE  »

Filed Under: Aircraft Deductions, Aircraft Income Tax, Front Page Tagged With: aircraft depreciation, aircraft tax, aviation tax, cirrus tax deductions, MACRS DEPRECIATION, piper depreciation

NEW IRS REGULATIONS: IMPACTS ON OWNERS, LESSEES, AND CHARTER CUSTOMERS

Deducting Aircraft Expenses?  Detailed Tax Calculations Now Mandatory

 

New IRS regulations effective in 2013 and forward require taxpayers claiming deductions for aircraft to undertake detailed calculations to determine what fraction of total expenses may be rendered non-deductible due to personal entertainment use of the plane.  These calculations are necessary not only for aircraft owners, but also for lessees and charter customers; they apply to any company seeking  deduction of expenses for use or ownership of business aircraft. 

 » Read more about: NEW IRS REGULATIONS: IMPACTS ON OWNERS, LESSEES, AND CHARTER CUSTOMERS  »

Filed Under: Aircraft Deductions, Aircraft Income Tax, Front Page Tagged With: advocate consulting, aircraft tax, aviation tax, cirrus tax deductions, economic profit expectation, New IRS rules, ordinary and necessary, per seat hour, per seat mile

SR22T

To Maximize Deductions The Taxpayer Must Place Aircraft in Service in 2013

Current tax law provides for both bonus depreciation and an enhanced expensing election available to new aircraft purchasers.  Fifty percent (50%) bonus depreciation is available for all new aircraft, including fractional interest, that are used primarily for business.  The enhanced expensing election of $500,000 applies to new or used aircraft placed in service by “qualifying small business” taxpayers.  A qualifying small business is one that invests less than $2,000,000 in total equipment purchases during the year. 

 » Read more about: SR22T  »

Filed Under: Aircraft Tax Savings by Make & Model Tagged With: CIRRUS AIRCRAFT, CIRRUS AIRPLANES, cirrus depreciation, cirrus expensing, cirrus tax deductions

SR22

To Maximize Deductions The Taxpayer Must Place Aircraft in Service in 2013

Current tax law provides for both bonus depreciation and an enhanced expensing election available to new aircraft purchasers.  Fifty percent (50%) bonus depreciation is available for all new aircraft, including fractional interest, that are used primarily for business.  The enhanced expensing election of $500,000 applies to new or used aircraft placed in service by “qualifying small business” taxpayers.  A qualifying small business is one that invests less than $2,000,000 in total equipment purchases during the year. 

 » Read more about: SR22  »

Filed Under: Aircraft Tax Savings by Make & Model Tagged With: CIRRUS AIRCRAFT, CIRRUS AIRPLANES, cirrus depreciation, cirrus expensing, cirrus tax deductions

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Latest Article

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.

 » Read more about: Corporate Jet Investor Town Hall – Finance, Tax and All That Jazz (Webinar Replay)  »

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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.