State Sales & Use Tax Exemptions for Aircraft
Buying an aircraft can open up new levels of flexibility and convenience. But it can also bring significant tax consequences if you’re not careful. Sales and use taxes vary by state, and depending on where and how you buy, you could face a hefty bill or avoid it entirely. Fortunately, some states,...
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Overlooked and Misunderstood State Taxes on Aircraft
State taxes are often overlooked in general aviation. Whether you use your plane for business or just for personal pleasure, there are state taxes that may apply to your plane in one or more forms. 44 states impose sales and use tax on planes. In addition, 42 states impose annual personal property...
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Documenting Business Use of Your Aircraft—The More the Better.
As the year-end approaches, now is the time to make sure your logbooks and flight records are in order. Complete and accurate records will allow you to maximize aircraft-related deductions on your business or personal income tax return. The key principal to keep in mind when documenting the business use of your...
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Shared Use as a Solution to Limited Year-End Inventory or Need
Although the global pandemic has recently disrupted business travel, there is no doubt that efficient and flexible air travel is an essential business need. As more entrepreneurs and businesses recognize the benefits of general aviation, the demand for private air travel has increased, including demand for efficient but limited air travel. In...
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