Aero-Tips!
A good pilot is always learning -- how many times have you heard
this old standard throughout your flying career? There is no truer
statement in all of flying (well, with the possible exception of
"there are no old, bold pilots.") It's part of what makes aviation
so exciting for all of us... just when you think you've seen it
all, along comes a scenario you've never imagined.
Aero-News has called upon the expertise of Thomas P. Turner,
master CFI and all-around-good-guy, to bring our readers -- and us
-- daily tips to improve our skills as aviators, and as
representatives of the flying community. Some of them, you may have
heard before... but for each of us, there will also be something we
might never have considered before, or something that didn't
"stick" the way it should have the first time we memorized it for
the practical test.
It is our unabashed goal that "Aero-Tips" will help our readers
become better, safer pilots -- as well as introducing our
ground-bound readers to the concepts and principles that keep those
strange aluminum-and-composite contraptions in the air... and allow
them to soar magnificently through it.
Look for our daily Aero-Tips segments, coming each day to you
through the Aero-News Network. Suggestions for future Aero-Tips are
always welcome, as are additions or discussion of each day's tips.
Remember... when it comes to being better pilots, we're all in this
together.
Aero-Tips 04.15.06
Awaken on this bright and cheery morn, and traipse happily to
the airport. Rolling back the hangar door, push your nimble craft
eagerly out into the dawn’s light, anxious for the
exhilaration that comes when you wing into the lofty blue. Prop now
turning, nod your headset-coiffed head as golden rays kiss the
yawning world below. One thought comes to your exuberant mind:
it’s April 15th. What will this airplane do to my taxes?
Airplanes and Income Tax
The Aircraft Owners and Pilots
Association posts its Pilot’s Guide to Taxes on
its website. Part I of the Guide details the income tax
implications of flying light airplanes.
Note: Tax and accounting law varies by
state and sometimes even local jurisdiction. Consult a tax attorney
familiar with aviation applications before making a final judgment
and filing your taxes.
In general, aircraft
expenses are deductible if:
- The costs are incurred in the conduct of a legitimate business
operated with a clear profit motive.
- You use your aircraft without compensation in the furtherance
of an employer’s legitimate business.
- You can demonstrate your aircraft expenses are “ordinary
and necessary” to the business—the airplane is a
business tool, used like a car or a computer or other business
asset.
- Costs must be reasonable—they must compare generally with
commercial airfares or the costs of other transportation.
Convenience of scheduling and flexibility of travel by private
aircraft can be used to substantiate some additional costs over
other means, but it’s up to you to prove to the IRS that the
costs are justified.
- If you already meet minimum standards (e.g., a Private
certificate) and you’re taking training to maintain or
improve your ability to perform work (e.g., a Flight Review, or
earning your Instrument rating), then you may be able to deduct
flight training expenses.
There’s a significant number of caveats, discussion, and
cited case law in AOPA’s income tax
guide.
Aero-tip of the day: Read the Guide, talk to a
tax professional, and write off any legitimately deductible
aviation expenses. Then turn your attention back to glorious flight
in the azure skies.