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View Full Version : Tax Info


Hockeyjr1
08-17-2018, 10:20 AM
I know this is early in the year to ask about taxes but figured Iíd like to get a scope of what people have done in the past. With the new tax code coming out Iím assuming most of us will claim the standard deduction to simplify stuff and save the audit headache.

What Iím not sure how to deal with is the ATP-CTP being reported as 1099-MISC. How does one go about listing this on taxes in a way to minimize the burden put on our refunds next year? If reported as ďbusinessĒ income then written off as no profit after paying the for the course how do we prove that? Since we didnít pay for it directly not sure how this would end up down the road in a audit. Also are we responsible for the 1/3 of SS and Medicaid that would have been paid out if we were W-2?

Any other tax questions are welcome, doesnít just need to be abou the CTP course.


JayD
08-17-2018, 01:22 PM
I know this is early in the year to ask about taxes but figured Iíd like to get a scope of what people have done in the past. With the new tax code coming out Iím assuming most of us will claim the standard deduction to simplify stuff and save the audit headache.

What Iím not sure how to deal with is the ATP-CTP being reported as 1099-MISC. How does one go about listing this on taxes in a way to minimize the burden put on our refunds next year? If reported as ďbusinessĒ income then written off as no profit after paying the for the course how do we prove that? Since we didnít pay for it directly not sure how this would end up down the road in a audit. Also are we responsible for the 1/3 of SS and Medicaid that would have been paid out if we were W-2?

Any other tax questions are welcome, doesnít just need to be abou the CTP course.

I highly recommend you constult a CPA tax professional for these types of questions. I have an MBA in finance and have been a CFO of a company. We use a CPA to help with our personal taxes as you have to consider everything and very few people have identical tax requirements. So what could be great advice for someone else might be terrible advice for you.

Rahlifer
08-17-2018, 01:26 PM
I second his recommendation. Pilots are extremely poor sources for tax advice. Just ask the fifty or so Northwest pilots that were sharing the same Florida PO box address to avoid state taxes.


TheWeatherman
08-17-2018, 07:47 PM
I know this is early in the year to ask about taxes but figured I’d like to get a scope of what people have done in the past. With the new tax code coming out I’m assuming most of us will claim the standard deduction to simplify stuff and save the audit headache.

What I’m not sure how to deal with is the ATP-CTP being reported as 1099-MISC. How does one go about listing this on taxes in a way to minimize the burden put on our refunds next year? If reported as “business” income then written off as no profit after paying the for the course how do we prove that? Since we didn’t pay for it directly not sure how this would end up down the road in a audit. Also are we responsible for the 1/3 of SS and Medicaid that would have been paid out if we were W-2?

Any other tax questions are welcome, doesn’t just need to be abou the CTP course.
I just went through this last tax season what you are about to go through. There is no way around it other then lying on your taxes, you will be stuck with the tax bill for the ATP-CTP course. No way to write off as business expense. The best you can do is if you drive to training, and in-between training locations, track the mileage for a possible write off.



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