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Getting tax deductions for flying (banner towing?)



 
 
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  #1  
Old June 2nd 07, 10:54 PM posted to rec.aviation.piloting
Anonymous Coward
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Posts: 1
Default Getting tax deductions for flying (banner towing?)

In light of the White house screwing us over on privatization and user
fees, I would like to explore options to deduct flying costs on taxes.

Suppose a GA pilot tows a banner that promotes the cause of some
non-profit org. Would the costs of that flight be a tax deductible
charitable donation?

Another option: contractors working temporary duty far from home and
not getting per diem can deduct travel costs for flying to their
residence to the extent of the per diem rate in their temporary duty
location.

Anyone have other suggestions for getting tax deductions?
  #2  
Old June 2nd 07, 11:00 PM posted to rec.aviation.piloting
B A R R Y
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Posts: 517
Default Getting tax deductions for flying (banner towing?)

On Sat, 02 Jun 2007 21:54:55 GMT, Anonymous Coward
wrote:

Suppose a GA pilot tows a banner that promotes the cause of some
non-profit org. Would the costs of that flight be a tax deductible
charitable donation?


Do you have a good CPA?

Ask him or her.
  #3  
Old June 3rd 07, 02:12 AM posted to rec.aviation.piloting
Vaughn Simon
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Posts: 735
Default Getting tax deductions for flying (banner towing?)


"Anonymous Coward" wrote in message
news:PGl8i.354$Vf7.138@trnddc03...

Anyone have other suggestions for getting tax deductions?


Along the same line, there is a fellow who spends hours high over south
Florida beating the heat and skywriting religious messages. Since you bring it
up, I wonder if he can write off his expenses.

Vaughn


  #4  
Old June 3rd 07, 04:08 AM posted to rec.aviation.piloting
Ron Natalie
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Posts: 1,175
Default Getting tax deductions for flying (banner towing?)



Suppose a GA pilot tows a banner that promotes the cause of some
non-profit org. Would the costs of that flight be a tax deductible
charitable donation?


You do know that it takes an FAA waiver to tow banners?
In general the FAA doesn't give a rats ass what you deduct on your
taxes. There were some rumblings to the contrary from time to time
but they usually get promptly squashed. You need to follow the IRS
rules for non-monetary donations.

Another option: contractors working temporary duty far from home and
not getting per diem can deduct travel costs for flying to their
residence to the extent of the per diem rate in their temporary duty
location.


Certainly. And it actually works well if you are an independant
contractor and can take those off the top on your sched c. keep
good contemporaneous records.


 




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