Pilot taxes
#1
Pilot taxes
Tax Cuts and Jobs Act (TCJA) eliminated unreimbursed job expenses and miscellaneous itemized deductions subject to the 2% floor for the tax years 2018 through 2025. Those expenses include unreimbursed travel and mileage, union dues, uniforms.
#8
Gets Weekends Off
Joined APC: Jun 2006
Position: Left, right & center
Posts: 772
It also doubled the standard deduction, which in all likelihood more than makes up the difference, and doesn't require keeping receipts & records.
#9
Gets Weekends Off
Joined APC: Nov 2017
Position: Wichita
Posts: 682
#10
Gets Weekends Off
Joined APC: Sep 2015
Posts: 135
I'm enjoying about a 2% reduction on my earned income that new tax law is providing. It far surpasses the small reduction in taxes owed, triggered by the old deduction on employee expenses. As income increases this new rate becomes much more valuable.
$16,200 in expenses that are over the 2% floor at the old 37% rate comes out to $6,000 in tax burden reduction. Total to meet the floor and gain the benefit on a $300,000 income is $22,200 in employee expenses.
$300,000 yearly income at 2% less tax comes to $6,000.
Been a pilot over 30 years, and I can tell you I've never come close to spending (per diem calculation) $16,200 a year.
I like the new deduction. But it's all a moot point. The green new deal ends all air transport in 10 years. We have bigger things to worry about than a per diem deduction.
$16,200 in expenses that are over the 2% floor at the old 37% rate comes out to $6,000 in tax burden reduction. Total to meet the floor and gain the benefit on a $300,000 income is $22,200 in employee expenses.
$300,000 yearly income at 2% less tax comes to $6,000.
Been a pilot over 30 years, and I can tell you I've never come close to spending (per diem calculation) $16,200 a year.
I like the new deduction. But it's all a moot point. The green new deal ends all air transport in 10 years. We have bigger things to worry about than a per diem deduction.
Thread
Thread Starter
Forum
Replies
Last Post
wannabepilot
Hangar Talk
0
04-25-2008 09:19 PM