Income Tax Return

[flav8r]

I'm curious to see how many other fellow pilots spend their income tax return on anything aviation related.

For example: Flight time, lessons, hangar rental, aircraft parts, new plane, flying club dues, new headsets and such.

I'm personally looking forward to getting my seaplane rating with my returns.

How about you?

 

[Jim Logajan]

Haven't filed yet, but I'm hoping we break even or owe a very small amount.

 

[Jim Logajan]

If I could do a good job of planning, I would pay about 95% of my taxes by December, and the remaining 5% will get paid in April when I file the return. Unfortunately, it's not so easy to plan that precisely. The AMT is one of many reasons that a tax forecast can go astray.

We've moved money into our IRAs before the April filing deadline in order to fine-tune the amount of tax we owe. This has so far worked for us but will not work for everyone.