Wolcott & Associates, P.A.
Certified Public Accountants
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May 10, 2016

The Deduction Not Taken

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Don’t miss out on valuable business tax write-offs

We often hear the following statement from business owners who use their aircraft to travel for business purposes, “my accountant said not to deduct the costs of the airplane.” Why wouldn’t you deduct the associated costs if you used your aircraft for business? Would your CPA say the same thing about any piece of machinery or equipment that you use in your business? Truly, we understand the sentiment of their professional’s concern since they are trying to reduce the risk of exposure to a potential audit by the IRS. There is definitely an element of risk tolerance built into the decision to put an aircraft on a tax return so let’s look at how we can reduce that risk.  Click to Read More