Any "Latest & Greatest" about Delta?
11-16-2014 | 04:39 PM
Da Hudge
Joined: Oct 2006
Posts: 17,473
Likes: 0
From: Poodle Whisperer
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)
11-16-2014 | 04:49 PM
The Brown Dot +1
Joined: Jun 2009
Posts: 7,775
Likes: 0
From: 777B
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.
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.
11-16-2014 | 04:52 PM
Doesn't Get Weekends Off
Joined: Jun 2007
Posts: 2,599
Likes: 2
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.
11-16-2014 | 04:54 PM
Runs with scissors
Joined: Dec 2009
Posts: 7,847
Likes: 0
From: Going to hell in a bucket, but enjoying the ride .
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...
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!"
11-16-2014 | 04:59 PM
Doesn't Get Weekends Off
Joined: Jun 2007
Posts: 2,599
Likes: 2
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.
11-16-2014 | 05:15 PM
Gets Weekends Off
Joined: Dec 2009
Posts: 1,898
Likes: 0
From: Stay THIRSTY, my friends!
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...
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!"
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...
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!"
11-16-2014 | 05:21 PM
Da Hudge
Joined: Oct 2006
Posts: 17,473
Likes: 0
From: Poodle Whisperer
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...
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!"
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...
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.
11-16-2014 | 05:41 PM
Doing Nothing
Joined: Aug 2010
Posts: 1,316
Likes: 0
Yeah the airlines are no fun anymore- said with a British accent. I was told by one that I look just like her son. They are hiring young ones again but the old ones are telling so many scary stories about pilots that they avoid us like Ebola. Oh yeah and we don't layover with them anymore either.
11-16-2014 | 05:59 PM
Gets Weekends Off
Joined: Apr 2009
Posts: 187
Likes: 0
I am the Master!!!.
I'm in Sapporo on a GS to ferry an airplane back to Seattle after an engine change. Supposed to get back to Seattle on the 17th about 10am. Before we left the hotel in NRT this morning, I noticed a Hong Kong trip in open time that left on the 18th. I swapped my trip on the 20th for it..........drum roll..........We just got notified that the airplane won't be ready so we are delayed 24 hours! KaChing!
Sorry guys, I'm like a kid in a candy store now. I can't believe it worked out just like I hoped it would. I just couldn't keep it to myself.
Denny
.I'm in Sapporo on a GS to ferry an airplane back to Seattle after an engine change. Supposed to get back to Seattle on the 17th about 10am. Before we left the hotel in NRT this morning, I noticed a Hong Kong trip in open time that left on the 18th. I swapped my trip on the 20th for it..........drum roll..........We just got notified that the airplane won't be ready so we are delayed 24 hours! KaChing!
Sorry guys, I'm like a kid in a candy store now. I can't believe it worked out just like I hoped it would. I just couldn't keep it to myself.
Denny
11-16-2014 | 06:11 PM
veut gagner à la loterie
Joined: Apr 2008
Posts: 23,286
Likes: 0
From: Light Chop
My buddy is luckily blessed with young looks, so on the 88 the FA comes up and asks that the Captain what he wants to drink and ignored him. Then she turns back around and says don't worry, I'll be back to breast feed you later.
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