Tax Tips
 

Tax Tips

Reasonable and necessary business expenses are DEDUCTIBLE from your personal income; even if:

a) You are not a corporation *
b) Your efforts in the business are PART TIME

 

In the opinion of our Board of Director's tax consultant, and MBA-CPA, the Form 1 4 , Schedule C, can be completed by you or your tax service to realize additional advantages as a result of the pursuit of your Aircraft Appraisal Business.

For Example

1) You and your business (and family) earn $5 , .
2) You attempt to and intend to show a profit.
3) You own an aircraft which originally cost you $5 , .
4) You use the aircraft 5 % of the time for the conduct or development of the appraisal business.
5) You take two business trips per year at a cost of $1, each in your aircraft and 5 % of the trip was dedicated to the pursuit of the appraisal business.
6) Your fixed cost of ownership (including hanger, maintenance, and insurance) are $1,5 per year.
7) You pay membership fee in NAAA of $87 , and meet other Tax Service Criteria.

The Results **

If you are a tax qualified appraiser, you may/will pay $7,762 in Federal Income Tax.

If you are NOT a tax qualified appraiser, you may/will pay $9,6 in Federal Income Tax.

For a federal income tax savings of $1,84 .

If your original aircraft cost was $2 , you will save 938. in federal tax.

*If your business is a corporation, different rules may apply, consult your professional tax advisor.

** If you deduct your membership fee, 5 % of your aircraft, and 5 % of your travel.

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