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Old 11-05-2024 | 09:28 AM
  #152  
FyrePilot
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Joined: Apr 2023
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Originally Posted by UGBSM
Bonus depreciation tax laws were never never meant to be used by rich pilots to avoid W2 income tax. Good luck to you and your CPA with your inevitable IRS audit in 18 to 24 months.
Its not what they are meant to be used as. Its what the laws are legal to be used as.

Do you think a self employed business owner really needs a 150k G wagon for whatever business they have? absolutely not. But it hits the weight minimum and is driven around for "business" so it gets the bonus depreciation. Its legal, but is most cases its not morally right.

Do you think most of the front half of every plane you fly needs to be paying for expensive seats? Are the seats in the back not satisfactory? When the business buys the seats, they are now a business expense and the tax liability for whatever business is now less. That surely does not invite an audit and keeps you getting paid twice a month.



Don't hate the player- hate the game. Taxes are a game. If it was not a game the government would just tell you exactly how much you owe each year. They leave it up to you.

Pay a good accountant that knows all the legalities to make the game work for you.
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