Finance, Taxes, Insurance
Software Can Help Owners Comply With Complex Tax Laws
Upcoming changes to U.S. tax law could affect how aircraft owners account for depreciation and expensive repairs.

Tax laws that affect business aircraft owners are constantly changing, and a new law this year makes the process of complying with these tax laws even more complex. Dean Sonderegger, director of product management at Bloomberg BNA Software, explained the new law and how his company’s software helps owners keep track of tax implications to ensure that they meet the legal requirements and don’t pay more tax than is necessary.

The most significant tax law facing aircraft owners is bonus depreciation, which expired on January 1. Although Congress has approved ways to make bonus depreciation permanent (House) or extend it for two years (Senate), nothing is likely to happen to make these provisions law until after the elections in November, according to Sonderegger.

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