AUT2213. Using Private Aircraft to Grow or Manage a Dealership: Understanding the Tax Opportunities in 2023 and Beyond

In this session, Suzanne will give an overview of the tax opportunities and challenges of using an aircraft within a dealership or as an outside business to help manage travel and business needs. She will discuss depreciation opportunities under theTCJA and relevant regulations, explain the tax implications of personal use by owners or employees under Section 274, and detail common misunderstandings that may lead to significant errors in tax planning or management. Finally, Suzanne will review the recordkeeping requirements in order to justify aircraft deductions.

Learning Objectives:

• Identify the Opportunities and Challenges Presented by Private Air Travel Deductions
• Analyse the Planning Strategies that Maximize Avialable Deductions