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Business Aircraft Tax Benefits Are Worth Checking Out
Topic In View at 2010 Light Business Airplane Conference, Atlanta GA
October 8, 2010
"New tax provisions are very favorable to aircraft owners. If you're a small business owner who flies yourself, you need to know how to make tax savings work for you," says entrepreneur, pilot, and business aviation tax consultant Lou Meiners. "Well-planned tax savings can generate the funds you need to purchase your most essential business tool – your plane."
An important new federal law renews a provision for "bonus" depreciation to accelerate the cost recovery of strategic business purchases this year, including business aircraft. The provision had expired late last year but, with aggressive lobbying by NBAA and its Members, the measure was revived and became law in September 2010. The aviation tax benefits are available immediately – for those who understand the requirements.
A 30-year pilot who flies his own Embraer Phenom 100 wherever he does business, Meiner is also an attorney in Indiana and a CPA in Florida. The plane, he says, was the key to his expanding his business in nearly a dozen states. In this session, Meiner will provide timely and actionable information on how your aircraft can further your business and how the tax benefit can work for you, provided you meet the requirements for documentation.
This session will emphasize:
- What "bonus" depreciation is, and why it's a smart tool for growing your business;
- What you have to do to qualify for incentive aircraft tax deductions, and what are the limitations on deductions for personal use;
- Most importantly, how to document the business purpose of your expenditure. Through interactive exchange, attendees will learn specifically what documentation is required to really prove that your expenses are "ordinary, necessary, and reasonable."
In addition, Meiner plans to allow plenty of time for discussion and questions. The session, which takes place on Tuesday, October 19, from 1:30 p.m. to 3:00 p.m., will be part of the LBA Conference at the NBAA 63rd Annual Meeting & Convention in Atlanta, GA, on October 19 to 21, at the Georgia World Congress Center. His second presentation will occur at the joint LBA Conference in conjunction with the AOPA Aviation Summit, November 11 to 13, in Long Beach, CA.