Does your C or S corporation own an airplane that you use for business?
If the corporation does not own the plane, do you own it and lease it to your corporation?
If you said “yes” to either question, you need to know what the IRS has been up to in the past month, namely new final regulations that impact your airplane-related tax deductions.
We’re sure that word “regulations” sounds ominous. And if you sit down and read these regulations, it’s likely that your eyes will glaze over.
But relax. We’re here. And we have been inside the regulations digging out good tax planning strategies for you to use.
This article updates the tax part of the article titled “Guide to Aircraft Deductions for the One-Owner Business.” To get your arms around the best results for your corporate aircraft use, read this article first and then read the article linked above.
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