2018 Pilot Tax Deductions reduced
01-27-2019, 04:14 PM
#1
New Hire
Thread Starter
Joined APC: Jan 2019
Posts: 1
2018 Pilot Tax Deductions reduced
We cant write off the difference in perdiem. We can't write off pilot exspences.it seems to me most of us wont be itemizing. Is there any reason to itemize taxes for 2018? Why not use a cheaper tax preparer then the expansive air crew tax preparer?
If you know of good pilot related tax writeoffs let us know
If you know of good pilot related tax writeoffs let us know
01-27-2019, 09:28 PM
#2
Gets Weekends Off
Joined APC: Aug 2014
Posts: 261
Yup, kinda s*cks doesn't it? Yeah, vote for the Orange Guy, he'll make your taxes better!
There is no relief. If you make more than 50K a year you're SOL, you will pay MORE in taxes, not less.
Since the market tanked right at the end of the year see if you can harvest the losses from your investments.
The only other option is to max out your 401K.
You can consult with an accountant for any other options, but there is not a lot. Can't write off your property taxes either. Live in a high tax area of the country, that's another scr*w job!
The tax overhaul means that most people will pay MORE in taxes, save for the insanely wealthy.
So, aren't you glad you voted for that T. B.!
There is no relief. If you make more than 50K a year you're SOL, you will pay MORE in taxes, not less.
Since the market tanked right at the end of the year see if you can harvest the losses from your investments.
The only other option is to max out your 401K.
You can consult with an accountant for any other options, but there is not a lot. Can't write off your property taxes either. Live in a high tax area of the country, that's another scr*w job!
The tax overhaul means that most people will pay MORE in taxes, save for the insanely wealthy.
So, aren't you glad you voted for that T. B.!
01-27-2019, 10:26 PM
#3
Banned
Joined APC: May 2012
Posts: 520
Originally Posted by Diesel8
Yup, kinda s*cks doesn't it? Yeah, vote for the Orange Guy, he'll make your taxes better!
There is no relief. If you make more than 50K a year you're SOL, you will pay MORE in taxes, not less.
Since the market tanked right at the end of the year see if you can harvest the losses from your investments.
The only other option is to max out your 401K.
You can consult with an accountant for any other options, but there is not a lot. Can't write off your property taxes either. Live in a high tax area of the country, that's another scr*w job!
The tax overhaul means that most people will pay MORE in taxes, save for the insanely wealthy.
So, aren't you glad you voted for that T. B.!
There is no relief. If you make more than 50K a year you're SOL, you will pay MORE in taxes, not less.
Since the market tanked right at the end of the year see if you can harvest the losses from your investments.
The only other option is to max out your 401K.
You can consult with an accountant for any other options, but there is not a lot. Can't write off your property taxes either. Live in a high tax area of the country, that's another scr*w job!
The tax overhaul means that most people will pay MORE in taxes, save for the insanely wealthy.
So, aren't you glad you voted for that T. B.!
01-28-2019, 11:17 AM
#4
Gets Weekends Off
Joined APC: Aug 2014
Posts: 261
Well it used to be that you could write off ALL of it! East Coast and West Coast has a lot of areas that easily exceed 10K a year property taxes for modest homes.
The tax overhaul is a boondoggle.
FYI,
You still may be able to deduct your per diem and business expenses on your state taxes, so don't throw out that link to ProDiem just yet.
Don't ever do standard deductions, your just giving money to the government.
The tax overhaul is a boondoggle.
FYI,
You still may be able to deduct your per diem and business expenses on your state taxes, so don't throw out that link to ProDiem just yet.
Don't ever do standard deductions, your just giving money to the government.
01-29-2019, 11:12 AM
#6
Gets Weekends Off
Joined APC: Sep 2005
Posts: 1,735
Originally Posted by crxpilot
Wrong. You can write off the first $10,000 in property taxes. Also write off mortgage interest on two houses. Itemizing is still better than the standard deduction.
01-30-2019, 06:19 AM
#7
weekends off? Nope...
Joined APC: Apr 2014
Posts: 1,939
I have a fairly new mortgage (2 years) in a high tax state with 1% property tax. 2017, I had close to $50k in deductions between state income tax, property tax, mortgage interest and business expenses. Got a nice federal and state refund. 2018, I'm down to $29K in deductions and I owe the feds $3k while getting close to the same back from my state.
I never thought the new tax law would be a good deal, and it's turning out the way I thought. It all seems to depend on where you live and how much mortgage interest you pay. Married and Renting in a 0% tax state and i'm sure you're thrilled right about now...
I never thought the new tax law would be a good deal, and it's turning out the way I thought. It all seems to depend on where you live and how much mortgage interest you pay. Married and Renting in a 0% tax state and i'm sure you're thrilled right about now...
02-01-2019, 05:35 AM
#9
Gets Weekends Off
Joined APC: Nov 2014
Position: B787 FO
Posts: 295
Don’t get hung up on the size of your refund.....the Total Tax that you are responsible for is what matters. I made more, and paid less in taxes with no need to itemize. My refund was half what it previously was, but much less was withheld throughout the year so that was to be expected.
02-01-2019, 05:42 AM
#10
Line Holder
Joined APC: Dec 2014
Posts: 28
Originally Posted by Diesel8
Yup, kinda s*cks doesn't it? Yeah, vote for the Orange Guy, he'll make your taxes better!
There is no relief. If you make more than 50K a year you're SOL, you will pay MORE in taxes, not less.
Since the market tanked right at the end of the year see if you can harvest the losses from your investments.
The only other option is to max out your 401K.
You can consult with an accountant for any other options, but there is not a lot. Can't write off your property taxes either. Live in a high tax area of the country, that's another scr*w job!
The tax overhaul means that most people will pay MORE in taxes, save for the insanely wealthy.
So, aren't you glad you voted for that T. B.!
There is no relief. If you make more than 50K a year you're SOL, you will pay MORE in taxes, not less.
Since the market tanked right at the end of the year see if you can harvest the losses from your investments.
The only other option is to max out your 401K.
You can consult with an accountant for any other options, but there is not a lot. Can't write off your property taxes either. Live in a high tax area of the country, that's another scr*w job!
The tax overhaul means that most people will pay MORE in taxes, save for the insanely wealthy.
So, aren't you glad you voted for that T. B.!
Might want to check your facts before you make so many blanket statements...
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