One of the biggest hurdles to deducting losses from the business use of an aircraft is the passive activity loss limitation. Even with careful planning, you might find yourself stuck with passive losses that can’t offset income from other sources. This article details the tax strategies you need to effectively deduct your aircraft losses and navigate the complex passive loss rules.

Leasing out your aircraft can offer financial benefits, but it also brings tax challenges. Leasing brings into play the ugly hobby loss rule that can destroy all your deductions and also tax you on the gross income. This article explains how to navigate these rules and overcome common tax hurdles associated with aircraft leasing.

Are you considering owning an aircraft through your S corporation? Beware of tax pitfalls that could limit your savings. This article explores basis limitations, depreciation recapture, and cost-sharing issues, offering strategic tips to navigate these challenges and maximize your tax benefits.

You have a wide variety of choices on how to travel for business. You can use a car, train, plane, or boat. You can fly economy, business, or first class. Should you own a plane, you can use it for business travel. Special rules apply to the car, plane, and boat; accordingly, if you travel for your business, you should know the rules in this article.

Do you own an airplane? If not you, how about your corporation? This month, we are writing about the new IRS regulations that govern your use of your C or S corporation’s aircraft. In this article, you will find more than a half dozen strategies that you can use to minimize the tax bite caused by personal use of your corporation’s aircraft.

The new 100 percent bonus depreciation enables new tax planning strategies, as it applies to both the carryover and boot basis on a trade-in or other Section 1031 exchange.

Learn how the government pays you to get educated. The basic rule: you may deduct education that maintains or improves the skills you need in your business, providing the education does not qualify you for a new business.

The official name of the new stimulus is the American Recovery and Reinvestment Act of 2009 (Public Law 111-5). Like last year’s version, the 2009 stimulus contains three big deals for business: (1) fifty percent bonus depreciation; (2) Section 179 expensing of up to $250,000; and (3) an increase in first-year luxury car depreciation on new (not used) cars.

The tax-favored like-kind rules for personal property such as cars contain a number of twists. For example, trading a car for an SUV, a crossover vehicle, or another car qualifies as a like-kind trade. But the trade of a car for a pickup truck is not like-kind.

The very first thing you need to do once you make the decision to buy the new asset and replace the old asset is to calculate your taxable gain or deductible loss on the old asset (as if you were going to sell it right now). The result—gain or loss—determines the strategy you should follow.

When you claim a Section 179 expensing deduction, you make a deal with the government. You agree to give back your early tax benefits if, during the recapture period, your business use drops to 50 percent or less.

Gone are the days of estimating deductions for expenses. Today, you need better tax records than ever. We give you a chart to help you avoid common mistakes, and to see what you need and why you need it.

When you claim Section 179 expensing or MACRS depreciation, you make a contract with the government. When you quit your business, you probably violate the terms of your tax-law contract and, thereby, trigger recaptures taxes.

Many people, through keen knowledge of the tax law, have been able to use the law to their advantage and buy personal aircraft. Unfortunately, lawmakers changed the rules for deducting personal aircraft. We summarized the new rules for you.

Tax law classifies the business airplane in the listed property category. This means the law requires a log of business and personal use. You deduct your business percentage. To obtain and then retain maximum benefits, you need your business use at greater than 50 percent. Further, the airplane is personal property and that makes it eligible for Section 179 expensing.