Corporate Pilot Tax Deductions

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02-21-2013, 05:03 AM

mcdozer

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Joined APC: Jun 2009

Position: CPT

Posts: 51

Corporate Pilot Tax Deductions

As an ex-121 guy, now HAPPILY working in a corp flight department with tax season upon me, I was wondering what tax deductions do you folks take?

I was also trying to figure if the "Airline" standard M&IE per diem deduction could still be used even though my employer pays for hotels & meals.

I would love to hear some thoughts on this.

Thanks for the input...

02-21-2013, 08:06 AM

Adlerdriver

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Posts: 3,988

Quote:

Originally Posted by mcdozer

Non-M&IE and lodging expenses like uniforms and cleaning, required equipment like flashlights/batteries, etc. should be pretty much the same as when you were 121.

Since most 121 employers pay for hotels too, it sounds like your question pretty much relates to the M&IE part of the equation.

How does your employer pay for meals? Do you use a company credit card and just submit receipts? Is the $$ for meals "L" coded in box 12 of your W-2?

02-21-2013, 11:07 AM

FlyerJosh

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Joined APC: Oct 2005

Position: Executive Transport Driver

Posts: 3,080

If you are on expense account (ie corp credit card) for meals, then you cannot claim the deduction for M&IE.

02-21-2013, 11:41 AM

TransMach

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Tax

Bluntly put, you can not take a deduction for monies you did not spend. Monies that you were required to spend in the furtherance of your employeer's enterprise, i.e. if the employer required you to pay for your own training, are deductible as non-reimbursed employee business expenses but are subject to a 2 percent of your adjusted gross incule (AGI) exclusion. So if you are making $100,000 the first $2,000.00 that you spend on uniforms (if required by the employer), flashlights, batteries, Jeppesens, etc. are not deductible.

TransMach

03-01-2013, 05:57 AM

mcdozer

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Gang, thanks for the input.

I was tracking in that thought process, but since this is my first experience with calculating taxes with a corp job, thought I would throw the question out there.

Thanks a gain for the input...