Tax season is here once again and along with it comes the questions of how aviation activities and expenses should be reported for tax purposes. If you are using one or several aircraft for business purposes, you may be able to get a little extra help with the reporting of business use from software offered online.
Flight Tax Systems, a subsidiary of a CPA company called Wolcott & Associates, PA, offers online subscriptions to a software system that helps you track and report aviation related entries in a way that complies with IRS reporting requirements. There are various levels of subscriptions available for owner pilots, fractional owners and flight departments.
Since the system is Internet based you can add information anywhere you have access to the web. Flight Tax Systems has a database of about 35,000 airports, so the distance is automatically entered by the system for each flight leg when you enter the departure point and destination.
The Flight Tax Systems software automatically generates reports such as a SIFL (standard industry fare levels) report, entertainment cost disallowance report, SEC (security and exchange commission) report and specialized reports for states with different tax requirements, which help you or your accountant report aviation related entries on your tax return.
Similar software solutions are available from AircraftLogs and there are many other companies specializing in aviation tax, property tax and sales tax for business aircraft including Advocate Consulting, Aviation Tax Consultant and Aviation Tax Group.
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