AOPA guide makes tax time less taxing
Before you know it, April 15 will be staring you in the face. Before you file, check out the Pilot's Guide to Taxes by AOPA, which provides a wealth of information for you and your tax advisor.
You can find information on income tax, sales-and-use tax, and personal property tax. The income tax section includes general information on the deductibility of aircraft and flight training expenses, the hobby-loss rule, and issues related to aircraft leasing. Questions and answers explore such topics as when you can take a tax deduction for depreciation of your aircraft, what is bonus depreciation, and whether you can take a deduction for donation of your aircraft or services as a pilot.
There are suggestions for preventing or dealing with problems with the IRS. And there are summaries of relevant court cases and IRS rulings for you and your tax advisor to review. The guide was written by Ray Speciale, an attorney, certified public accountant, and flight instructor.
January 11, 2006
