80 this is a question to you and all the other guys/gals on here getting these tax reports. What do these reports add up? What is the end game on your tax return? Is this the travel, meals, blah blah blah Miscellaneous Deductions from PUB 521 of the IRS? If so does this make a difference on your tax return? I'm not looking for tax advice I'm just curious that if you're a line holder does this make a difference on your tax return?

I flew 140 hours last year (unbelievable I know). I did 2 full initial schools - only one was out of base. The month I spent in MSP added up to quite a bit of perdiem.

All told, even as little as I flew, it ended up getting me about $600 back. Well worth the $50 IMO. In past years when I've worked a normal amount (as REG pilot) the difference gets to be significant. You're leaving money on the table if you don't claim the difference between what you receive and what the IRS allows.

Flightline does seem to be getting slower, but I'm a procrastinator anyways so it didn't bother me that it just showed up about 10 days ago

03-07-2013 | 08:16 AM

#124942

Ferd149

Gets Weekends Off

Joined: Apr 2008

Posts: 3,457

Likes: 0

From: LAX ERA

Quote:

Originally Posted by cni187

My understanding is (not a tax guy, why I take them to someone) is you get the difference between your perdiem and what the State Dept says you should get in a city. IE, I've heard that Tokyo should be around $200 per day.

The report I got back from prodiem showed an $11,000ish biz deduction for last year (less than the year before when I was mostly in Asia). I asked my tax guy if it was worth the $59 that prodiem charged me and he assured me it was.

Ferd

03-07-2013 | 08:17 AM

#124943

NuGuy

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Joined: Mar 2008

Posts: 4,105

Likes: 100

Quote:

Originally Posted by cni187

Heyas CNI,

Whether it's worthwhile to do all this is a case of "it depends".

For the last ten years, with the exception of 2 (when I wasn't working), I've been subject to the alternative minimum tax. If you get nailed by the AMT, you lose a good portion of these deductions...per diem, dry cleaning, etc, making it pointless to bother.

I don't have kids, a spouse, a mortgage, failed businesses or a load of debt so I'm a bad, bad person in the eyes of the tax code.

Nu

03-07-2013 | 08:18 AM

#124944

maddogmax

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Joined: Feb 2006

Posts: 1,242

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Quote:

Originally Posted by Ferd149

That's a fact Jack!!

I'm hoping it's warmed up enough in AMS for some downtown touring. But, happy hour and Thai is always a great time too.

Envious! There is always non-rev but getting boarded behind a 2012 hire sucks.

03-07-2013 | 08:27 AM

#124945

Ferd149

Gets Weekends Off

Joined: Apr 2008

Posts: 3,457

Likes: 0

From: LAX ERA

Quote:

Originally Posted by maddogmax

Envious! There is always non-rev but getting boarded behind a 2012 hire sucks.

Scambo is pondering non-reving in, maybe you can be his "buddy" Don't ask don't tell??

03-07-2013 | 08:30 AM

#124946

maddogmax

Gets Weekends Off

Joined: Feb 2006

Posts: 1,242

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Quote:

Originally Posted by Ferd149

Scambo is pondering non-reving in, maybe you can be his "buddy" Don't ask don't tell??

Now that is funny. PM me the dates!

03-07-2013 | 08:38 AM

#124947

forgot to bid

veut gagner à la loterie

Joined: Apr 2008

Posts: 23,286

Likes: 0

From: Light Chop

Quote:

Originally Posted by NuGuy

Learn to fail more.

or buy a jet.

03-07-2013 | 08:54 AM

#124948

80ktsClamp

Da Hudge

Joined: Oct 2006

Posts: 17,473

Likes: 0

From: Poodle Whisperer

Quote:

Originally Posted by cni187

Delta pays us in per diem far below what the government allows. The IRS allows you to deduct 80% of the difference in what is allowed and what they pay. International cities we are wayyyy below what is allowed. I blocked 450 hours last year with very little international and it's projected to save me ~700 dollars on my taxes... their projections have been quite accurate in the past. Well worth it!

Granted, I'm not an evil debt free person like NuGuy and have a mortgage and a wife (for the 2012 tax year... 2013 I have a squirmy, poopy new tax deduction!). If you're gonna get hit with AMT, it's not worth it likely.

03-07-2013 | 09:01 AM

#124949

cni187

Doing Nothing

Joined: Aug 2010

Posts: 1,316

Likes: 0

80 et al, thanks. Didn't know what I was missing. Yeah have the wife and 1 slobbering punk, soon to be 2 kiddos come Aug so this could come in real handy.