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February 29th, 2008, 15:02
| #1 |
| Old Skool  Join Date: Mar 2006 Location: ATL
Posts: 1,735
|  Quick Tax time question Last year I made 7000 as an independent contractor instructor and 5000 as a server. I realize I may owe a butt load of taxes so I need to maximize my deductions. Will Turbotax do the job sufficiently or would you recommend a tax professional?
__________________ Comm-ASEL, MEL, Inst. CFI, CFII, MEI TT: 700 Part 121 ATR72 FO B.S. Aviation Management-Business Minor Southeastern Oklahoma State University Cum Laude Graduate |
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February 29th, 2008, 15:08
| #2 |
| Old Skool  Join Date: Feb 2002 Location: Park City, UT
Posts: 12,195
  | Re: Quick Tax time question I deducted so much when I was working at Skymates that by the time I was done with it, the government was writin' me a check!
__________________ "I could stand at the end of the line of the general mills cereal plant to make sure that all the lucky charms are up to par for 38k a year." -snickersnwa |
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February 29th, 2008, 15:10
| #3 |
| Newbie  Join Date: Feb 2008 Location: Dallas
Posts: 15
| Re: Quick Tax time question Yeah turbo tax is great!Asks a lot of easy questions to get you back as much as possible.
__________________ "Commitment is more than doing what is convenient or comfortable. Commitment is doing what is necessary." |
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February 29th, 2008, 15:20
| #4 |
| Senior Member  Join Date: Mar 2007 Location: Getting furloughed
Posts: 1,063
| Re: Quick Tax time question I used turbotax. About half my income was as an independent contractor at ATP, I'm still getting a few hundred bucks back (had a few deductions for student loan interest, some business expenses, and schooling). Airline uniform, equipment bought for work, added ratings to get yourself a CFI job, enter it all. When using turbotax it was sort of a pain to figure out the ATP part. It guided me through entering the 1099-MISC information, but I had to add the "Business income" part manually.
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February 29th, 2008, 15:49
| #5 | |
| Old Skool Join Date: Mar 2006 Location: ATL
Posts: 1,735
| Re: Quick Tax time question Quote:
__________________ Comm-ASEL, MEL, Inst. CFI, CFII, MEI TT: 700 Part 121 ATR72 FO B.S. Aviation Management-Business Minor Southeastern Oklahoma State University Cum Laude Graduate | |
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February 29th, 2008, 15:59
| #6 |
| Senior Member  Join Date: Feb 2008 Location: Philly
Posts: 601
| Re: Quick Tax time question Is it possible to deduct all of my flying costs if I plan on flying as a career? |
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February 29th, 2008, 17:15
| #7 |
| Senior Member  Join Date: Feb 2007 Location: Country Inn and Suites
Posts: 994
| Re: Quick Tax time question Only making $12 grand total for the year you should get back everything you paid in plus some back. I get back every year. People don't forget SALES TAX is tax deductible! Also on the $5000 as a server-is that from tips or what your employer paid you? |
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February 29th, 2008, 20:31
| #8 | |
| Old Skool Join Date: Mar 2006 Location: ATL
Posts: 1,735
| Re: Quick Tax time question Quote:
__________________ Comm-ASEL, MEL, Inst. CFI, CFII, MEI TT: 700 Part 121 ATR72 FO B.S. Aviation Management-Business Minor Southeastern Oklahoma State University Cum Laude Graduate | |
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March 1st, 2008, 09:21
| #9 | |
| Old Skool  Join Date: Aug 2006 Location: U77
Posts: 2,332
 | Re: Quick Tax time question Quote:
Once you have a job you can claim expenses for things your are not reimbursed for. For example I had to buy my own charts, uniform, teaching materials, vehicle expenses, etc... All were deductible but the standard deduction was more than my itemized list of receipts. I was able to write off some of my training from being part of a university flight program as the costs were required educational expenses, though different accountants have given different opinions on that.
__________________ Commercial Pilot, IR Gold Seal CFI, CFII TT: 950ish Part 91 Company pilot  4 year DegreeWill fish for pay | |
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