Tax questions (per diem, etc..)
#1
Line Holder
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Joined APC: Sep 2017
Posts: 39
Tax questions (per diem, etc..)
How do we extract the data to use in per diem calculations for our taxes? Is it something we have to manually input or is there a way to get it from sabre and import it to a tax prep software or give to a cpa.
#2
Gets Weekends Off
Joined APC: Jan 2017
Posts: 2,510
The amount received in per diem?
If you are talking about about the difference of what is paid and what is allowed based on actual location versus what was received and allowed to be deducted, you are probably going to have to use a specialty aviation CPA and or one of the subscription log book programs that keep track of it.
#3
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Joined APC: Sep 2017
Posts: 39
What specifically are you looking for?
The amount received in per diem?
If you are talking about about the difference of what is paid and what is allowed based on actual location versus what was received and allowed to be deducted, you are probably going to have to use a specialty aviation CPA and or one of the subscription log book programs that keep track of it.
The amount received in per diem?
If you are talking about about the difference of what is paid and what is allowed based on actual location versus what was received and allowed to be deducted, you are probably going to have to use a specialty aviation CPA and or one of the subscription log book programs that keep track of it.
Is it worth it for a married line holder or will the standard deduction suffice, so long as I don’t have a lot of other deductions.
#4
EZPerdiem is a good program to use though, to answer your question.
#5
Gets Weekends Off
Joined APC: Sep 2008
Posts: 239
There is a DOT rate that does not require figuring out each location.
#6
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Joined APC: Nov 2016
Posts: 2,465
The standard deduction is set to double with the new tax law for 2018 earnings. It's going to be tough to itemize more than that, especially if you don't own a home or have kids. I would talk to an accountant if you want to go that route.
EZPerdiem is a good program to use though, to answer your question.
EZPerdiem is a good program to use though, to answer your question.
#7
Gets Weekends Off
Joined APC: Mar 2014
Posts: 3,092
The standard deduction is set to double with the new tax law for 2018 earnings. It's going to be tough to itemize more than that, especially if you don't own a home or have kids. I would talk to an accountant if you want to go that route.
EZPerdiem is a good program to use though, to answer your question.
EZPerdiem is a good program to use though, to answer your question.
OP, if you don't have a mortgage and don't pay much in student loan interest it won't be worth it to itemize. You need to hit around $13k in itemized items. Per diem is normally around a $3k-$4k deduction.
#8
Gets Weekends Off
Joined APC: Jan 2013
Posts: 294
EZ Perdium is what I used. You putbin your overnights from throughout the year, it calculates the local rate, and totals how much you're allowed. It also has an option to just average the national rate. Take the higher amount, and compare it to your total annual perdium recieved off of your last pay statement for the year. Then ez perdium will tell you what percentage of that total difference is deductible. Print it and take it to your tax preparer for your itemized deductions. Just keep in mind, all of your total itemized deductions have to beat the standard deduction in order to use them. If you own a house and / or have kids, yoi should be ok.
#9
Pro Diem is another option. They do all the work. You give them one time access to your online schedule and they crunch the numbers in a day or two. The report they send even explains how to enter the data in Quicken.
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