Tax Issues
AirVenture Attendees Get NBAA's Tax Tips For Business Flying
July 27, 2010
Entrepreneurs and others visiting NBAA's big white tent at the Experimental Aircraft Association's 2010 Oshkosh AirVenture learned the significant money savings that can be realized when deducting taxes for the business use of an airplane.
The topic was discussed in the first of three special education sessions hosted by NBAA this week at the Association's tent, #465 on the AirVenture flight line at Wittman Airport in Oshkosh, WI.
Lou Meiners, Jr., an aviation tax expert with Advocate Consulting, told session attendees: "Not many people know that if entrepreneurs are flying their aircraft for business reasons, there are deductions and tax incentives for doing so. It's also important to remember that the United States Treasury is your partner when it comes to flying your airplane for business – it shares in your success, and the cost of deriving it, from aircraft operations."
NBAA's tax publications and related documents, available at www.nbaa.org/taxes, provide entrepreneurs using their airplanes for business with U.S. federal and state tax rules, Federal Aviation Regulations and other rules that impact business aviation. Since the materials are necessarily general in nature, they are no substitute for the advice of legal and tax advisors in addressing a specific set of facts.
Today's tax session at AirVenture will be followed by a second NBAA presentation on Wednesday, July 28, "The DC-3 as a Business Aircraft," which is more for fun and a bit of aviation nostalgia, like much of the show at Oshkosh. Jim Gabbert of Next Century Aviation, the current owner of Army Air Corps General Hap Arnold's DC-3 (now N41HQ), will talk about how the venerable DC-3 was the original and most common business aircraft of the 1940s, 50s and 60s, and how some are still in use today delivering cargo and other goods. A gathering of DC-3 airplanes is taking place at this year's AirVenture, and in advance of this presentation, NBAA interviewed Gabbert for the Association's weekly Flight Plan podcast; to hear that episode, visit: www.nbaa.org/news/flight-plan.
The series of education sessions will be completed with a final presentation on Thursday, July 29, which will cover the regulations for pilots who wish to be reimbursed for flying others on business or personal trips – a topic many Oshkosh-goers might find very pertinent.
