Taxes - 5 days left
04-10-2015 | 11:45 AM
#1
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Gets Weekends Off
Joined: Mar 2009
Posts: 102
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From: 73Nb // FA-18
Taxes - 5 days left
Friends and Colleagues,
First year filing taxes as an airline guy…
Does anyone have useful advice or tricks of the trade for this process? I’ve heard a few opinions over the year but looking for any additional information that is available to maximize deductions.
I’ve also heard something about using the gov’t per diem rate..?
Thanks in advance for the help!
MCFlyer
First year filing taxes as an airline guy…
Does anyone have useful advice or tricks of the trade for this process? I’ve heard a few opinions over the year but looking for any additional information that is available to maximize deductions.
I’ve also heard something about using the gov’t per diem rate..?
Thanks in advance for the help!
MCFlyer
04-10-2015 | 01:25 PM
#2
Gets Weekends Off
Joined: Apr 2013
Posts: 4,559
Likes: 400
My first year too. I just filed yesterday.
Hire a professional. That's what I am doing next year. I did it myself this year and it was very laborious and I probably didn't find half of the deductions that I could have.
The difference between what you got paid in perdiem and what the govt rate is can be deducted. Tips, cab rides, and out of domicile hotels can be deducted. Any perdiem that you didn't get in training can be deducted at the govt rate.
Outside of that, the standard work deductions like uniforms and professional gear.
Best of luck. Trust me, I am seeking out a pro next year.
Hire a professional. That's what I am doing next year. I did it myself this year and it was very laborious and I probably didn't find half of the deductions that I could have.
The difference between what you got paid in perdiem and what the govt rate is can be deducted. Tips, cab rides, and out of domicile hotels can be deducted. Any perdiem that you didn't get in training can be deducted at the govt rate.
Outside of that, the standard work deductions like uniforms and professional gear.
Best of luck. Trust me, I am seeking out a pro next year.
04-10-2015 | 04:19 PM
#3
Gets Weekends Off
Joined: Nov 2010
Posts: 242
Likes: 0
From: Works too much
Taxes
MC,
Give me a call. As I told you the other day, I started a couple businesses with all my time off. You're gonna laugh, but I actually own a franchised tax office (the office doubles as one of the homes of my insurance agency I told you about). I'm the insurance guy, but I have one of the very best tax preparers in the whole world as my tax manager. Yesterday she amended 4 years of returns for a family that a CPA office screwed up. I can get you specific answers to specific questions.
Yeah, I know...going from flying pointy and blunt nosed jets to taxes and insurance...how un-sexy! But I just couldn't stomach getting a job and working for someone else while I was out of flying.
I'll PM you my digits.
Give me a call. As I told you the other day, I started a couple businesses with all my time off. You're gonna laugh, but I actually own a franchised tax office (the office doubles as one of the homes of my insurance agency I told you about). I'm the insurance guy, but I have one of the very best tax preparers in the whole world as my tax manager. Yesterday she amended 4 years of returns for a family that a CPA office screwed up. I can get you specific answers to specific questions.
Yeah, I know...going from flying pointy and blunt nosed jets to taxes and insurance...how un-sexy! But I just couldn't stomach getting a job and working for someone else while I was out of flying.
I'll PM you my digits.
04-10-2015 | 04:39 PM
#4
Gets Weekends Off
Joined: Nov 2010
Posts: 242
Likes: 0
From: Works too much
To add to the tips...track all expenses related to your health care and FAA medicals. Don't forget medical travel expenses including car mileage. Medical travel also includes hotel stays and meals. Only the aggregate amount greater than 10% of AGI is deductible. I know a few pilots fighting medical battles who need to track every expense for tax purposes.
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