Choosing A Competent Aircraft Professional Is Crucial When Purchasing An Aircraft?

Aircraft purchasers must consider various financial aspects before making the final nod on the deal. A major portion of the aircraft purchase cost goes into sales and use tax for the aircraft. States have been targeting sales, use and property taxes as their major sources of additional revenues. If you want to minimize sales and use tax on your aircraft, you must hire an experienced aircraft accounting consultant. A knowledgeable and experienced consultant has through knowledge of aircraft sales and purchase structure, state and federal tax returns, financial reporting, and how to defend the state aircraft audits and internal revenue service. 

Managing the aviation accounting and tax process is a time-consuming and complex process for an aircraft owner. Aircraft consultants work with their clients right from the beginning of the aircraft purchase process and ensure that the best ownership structure is selected to reduce future aircraft expenses. A trustworthy aircraft accounting firm offers the following ownership structure to their clients-

•    Aircraft with individual ownership
•    Aircraft owned by multiple owners
•    Flight department’s aircraft
•    Aircraft holding companies
•    Aircraft with foreign ownership
•    Fractional aircraft interests

Sales and use tax

In most states, sales and use tax is imposed on the person when an aircraft is purchased. Depending on the state where the purchase is made and other circumstances, the purchaser may have to pay reduced amount of sales tax. A skilled aircraft accounting professional plans strategies to minimize sales and use tax before the import and purchase of an aircraft. An aircraft accounting and tax professional helps the aircraft purchaser to avoid or minimize sales tax. Some of the exemptions include:

•    Casual sale
•    Common carrier exemption
•    Resale exemption
•    Corporate transactions

Other aviation services offered

An experienced aviation accounting professional not only helps in incorporating strategies to minimize sales and use tax but also offers other aviation tax services. 

Tax returns- Aircraft tax consultants work along with accounting and other staff members of the aviation company to prepare tax returns on the aircraft. The tax consultant prepares detailed tax returns so that maximum tax benefits can be enjoyed. Tax consultants prepare tax returns for the aircraft for business, personal, or charter use. 

Audit services-When your aircraft company has to go through an audit, it may be a difficult situation for you. Hiring an experience aircraft accounting and tax consultant is mandatory to help you sail through such situations. Clients are sure to get the best taxing solutions from competent tax consultants because they know ins and outs of the Federal Excise tax audits, Federal Income Tax audits, and State Sales Tax audits for an individual or organization. For more information visit Our Website

How Will Aviation Tax Attorney Help Maximize The Financial Benefit of An Aviation Business?

Are you into an aviation business and own one or more aircrafts that are used for business purposes? As a business owner, you have to pay income tax as per the federal and state income tax rules. Depending on the ownership structure of your aircraft business and the nature of the business, you can save income tax. No matter how experienced you are in your business, you will need an expert aviation tax attorney who can help you streamline the process of daily business operation, business planning, tax concerns, and business compliance requirements. 

Doing business planning, daily and long-term is not an easy task. Whoever is involved in the aviation business planning must have in-depth knowledge about aviation regulation, income tax regulations, transport regulations, state sales and use tax, interstate liability issues, and aircraft economy issue. A skilled aviation tax attorney can help an aviation business in doing overall planning, preparing required document and executing the business plan. 

How aviation tax attorneys work?

Based on the basic needs of your aviation business, the aviation tax attorney will help you in developing the best operational structure for your business. The tax attorney works in coordination with the tax advisor and the compliance specialist so that various aspects of the aviation business remains balanced. The team takes care of the following aspects of an aviation business-

•    Operational flexibility
•    Compliance with FAA rules
•    Minimum exposure to the Federal Excise Taxes
•    Maximum deduction of the Federal Excise Taxes as allowed by your business’s state
•    Maximum liability control
•    Minimize the effects of state sales and use taxes

What to expect from aviation tax attorney?

If you are acquiring an aircraft in a proper manner it can give you many tax advantages. That is why choosing an aviation tax attorney is an important decision. You can expect the following from an experienced tax attorney.

•    Receive prompt and professional customer service which is unmatched in the industry.
•    Clients get the best professional for the implementing and monitoring of their aircraft ownership structure.
•    Tax attorneys work in coordination with the legal advisors and compliance specialists. 

The aviation tax attorney defends its clients when they face state or federal tax authorities. Tax attorneys help their clients to save significant amount of tax when they start a new aviation business or acquire a new aircraft. If proper planning is not done for day-to-day business operation and tax saving, the business owners end up in paying huge taxes for their aviation business. Whether it is a new venture or an expansion of the existing aviation business, business owners must hire experienced tax attorneys who have thorough knowledge of aviation tax and have done business and tax planning for many other aviation businesses. Visit Here: Advocate Consulting Legal Group, PLLC.