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Originally Posted by LivingTheDream
(Post 1764980)
On another note. In 26years I have never seen the amount of guys flying the last 15dys of a month in a row without a break... IMHO FAR 117 has been a total disaster... very rarely happened with 30 in 7.
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Remember, it's better to have a tax problem than no tax problem.
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Originally Posted by RockyBoy
(Post 1764982)
Or you could bid it off then get an almost guaranteed GS. :eek:
That is why we need double pay on holidays. Then Marcal could bid it so those who celebrate Christmas could enjoy it off AND he would get paid double. |
Originally Posted by marcal
(Post 1764988)
Thats a great idea for when I'm senior enough to get it off if I wanted. Like I said, no biggie and glad someone will be home with their family. In return, I expect you all to bid to work all 8 crazy nights for me to be home….JK!
Now that I have a wee one, I've held the last 2 off. :) I was actually very thankful for 117 last year as no more 30/7 allowed me to swap into much better trips! (overall I can't complain about 117) |
Originally Posted by RockyBoy
(Post 1764975)
I own one company and 50% of another. My LLC that I own 50% of is the family farm. (My dad owns the other half). I've had three accountants look over my taxes to try and manage them. After three years of losses the IRS can come in and designate your business as a hobby if it is not generating a profit. This will limit your deductions to something like $2000 per year. They usually won't bother you until 5 years. So this may work for a few years, but eventually you have to make money.
Here is a good article that explains the basics of using a farm for tax purposes. It's Tax Time! How to Navigate the Tricky World of Farm Taxes - Hobby Farms The only real way to have long term tax relief is to not get paid via W-2 wages like the really wealthy people do. With the current tax code it gets tough to hide money every year with a side business when all that business is doing is creating expenses to offset your W-2 wages. Maybe I just have bad accountants, but side business won't help you hide income for very many years. My problem is both my business are doing great so now I've got that to deal with. 1st world problems.....it's tough I tell ya. :) |
Originally Posted by orvil
(Post 1764986)
Remember, it's better to have a tax problem than no tax problem.
Exactly. If you are making 400-500K per year, the best way to reduce your taxes is give to a charity. A legit charity of your choice.....not one that has million dollar ads on the TV trying to get you to save polar bears or puppies. If my business makes money and I can't "write" of enough expenses to offset my airline income tax liability because I don't have a loss, worst case is I get half of every dollar I made. Not as good as keeping it all, but still it's half of a dollar. If I want to reduce the amount I pay to the Feds, I give a bunch to charity which is a completely legal and non shady way to reduce your tax burden. |
Originally Posted by scambo1
(Post 1764970)
Back when I was single, I never worried about bidding Christmas off. Now, it's different, but working Christmas goes with the territory.
We had some great parties on the layovers! ;) The few senior mamas (you know, gals in their 40's) working on holidays would bring stuff for the parties too; cake, cookies, tequila, limes...:D We were having so much fun one Captain looked at me and said, "When I die, I want to come back as a new hire Flight Engineer!" |
Originally Posted by scambo1
(Post 1765001)
Accountants aren't aggressive because they have to represent you in an audit. Intent to show a profit is the operative term. I read that as make a sale. Ymmv.
An airline pilot who is making more than 250K who starts a small farm and writes off everything so his tax burden is $0, will not win in an audit where they attempting to deny your deductions. Now, if you have a legit business or farm with employees, that is a different story. But then if you are ethical and responsible, you will want to run a for profit business anyways. You can write off a ton of stuff with a side business or a farm don't get me wrong. They are great tax havens. I don't own any cars, my business' do. I always go on "business" trips and take the entire family. I have a "business" meal at least once a week. I have a ton of business office expenses at Best Buy. You get the picture. However, that business has to make a profit eventually or you lose all those benefits. So, you cannot really offset your airline income with a business for much more than a few years.....legally. |
Originally Posted by Timbo
(Post 1765004)
When I was a newb I had a great time working on -all- the holidays. They were hiring 23-25yr. old flight attendants and I was 26 and single.
We had some great parties on the layovers! ;) The few senior mamas (you know, gals in their 40's) working on holidays would bring stuff for the parties too; cake, cookies, tequila, limes...:D We were having so much fun one Captain looked at me and said, "When I die, I want to come back as a new hire Flight Engineer!" |
Originally Posted by Timbo
(Post 1765004)
When I was a newb I had a great time working on -all- the holidays. They were hiring 23-25yr. old flight attendants and I was 26 and single.
We had some great parties on the layovers! ;) The few senior mamas (you know, gals in their 40's) working on holidays would bring stuff for the parties too; cake, cookies, tequila, limes...:D We were having so much fun one Captain looked at me and said, "When I die, I want to come back as a new hire Flight Engineer!" How times change. :eek: |
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