Airline Pilots: receipt tracking, taxes, etc...

killbilly

killbilly

Vocals, Lyrics, Triangle, Washboard, Kittens
Folks,

Are you guys keeping and tracking all of your receipts when you're on a trip? Are you using an app? A spreadsheet?

I know per diem is supposed to offset some of this stuff, but I'm not clear on how that works for taxes and I figure it's better to track all of the receipts than not have that data. I'd appreciate any pointers/guidance for airline pilots on this kind of thing.

Thanks.

-b

EDIT: Should have mentioned that I have found the ALPA stuff and I'm going through it, but wondered if there was anything else y'all were finding useful.
 
I think selling me your RV now that you won't need it should help :)

Who am I kidding, I have to cut the IRS another big check this year - I'm not buying anyone's airplane.
 
If there's some tax thing out there about actual expenses vs. per diem, share, but I don't think there is. You used to be able to claim the difference in received per diem vs. the government rate but that went away in 2018? Whenever the Trump tax cut went into effect.
 
mikecweb said:
If there's some tax thing out there about actual expenses vs. per diem, share, but I don't think there is. You used to be able to claim the difference in received per diem vs. the government rate but that went away in 2018? Whenever the Trump tax cut went into effect.
Click to expand...

I don't know how it affects you guys, but the Trump tax cut removed work related expense deductions for W-2 employees (at least until 2025). If I decide to fly myself to visit an airport client I would have been able to deduct that (minus my employer's reimbursement based on if I had driven it), but now I can't. Suck - W2 workers get screwed in our tax system.
 
Murdoughnut said:
I don't know how it affects you guys, but the Trump tax cut removed work related expense deductions for W-2 employees (at least until 2025). If I decide to fly myself to visit an airport client I would have been able to deduct that (minus my employer's reimbursement based on if I had driven it), but now I can't. Suck - W2 workers get screwed in our tax system.
Click to expand...

I didn't know that this had been changed. Last I looked it was irrelevant if I spend less than I get on per diem, which is my case. And If I spend more on meals and such than per diem, only the difference was going to be deductible. If the per diem you get is about the same as the IRS allowable amount, then there is no "difference" there and no need to track.

And yes, W-2 workers are the poor saps footing all the bills around here.
 
Murdoughnut said:
I don't know how it affects you guys, but the Trump tax cut removed work related expense deductions for W-2 employees (at least until 2025). If I decide to fly myself to visit an airport client I would have been able to deduct that (minus my employer's reimbursement based on if I had driven it), but now I can't. Suck - W2 workers get screwed in our tax system.
Click to expand...
This. If you want to do it for your personal tracking, knock yourself out, but there’s no tax benefit for it.
 
Murdoughnut said:
I don't know how it affects you guys, but the Trump tax cut removed work related expense deductions for W-2 employees (at least until 2025). If I decide to fly myself to visit an airport client I would have been able to deduct that (minus my employer's reimbursement based on if I had driven it), but now I can't. Suck - W2 workers get screwed in our tax system.
Click to expand...

Tbf the standard deduction was also raised significantly so unless you were deducting over $25k I think it is not being able to deduct those travel expenses didn’t change anything
 
CoffeeIcePapers said:
This. If you want to do it for your personal tracking, knock yourself out, but there’s no tax benefit for it.
Click to expand...

This seems to be what research is leading me to. Oh well. Thought I might have a new angle but I guess not. Thanks for the info.
 
NovemberEcho said:
Tbf the standard deduction was also raised significantly so unless you were deducting over $25k I think it is not being able to deduct those travel expenses didn’t change anything
Click to expand...

Just property taxes and mortgage interest on a home I bought for 595K with a 2.875 interest mortgage equal 25K.


Sent from my iPhone using Tapatalk
 
Murdoughnut said:
I think selling me your RV now that you won't need it should help :)

Who am I kidding, I have to cut the IRS another big check this year - I'm not buying anyone's airplane.
Click to expand...

Who says I don't need it? Non-revving just ain't what it used to be.

In all seriousness, I'm giving it about six months before I decide to do anything with it.
 
tcco94 said:
Nah. Way too much work homie. Just enjoy the subway in concourse C and call it a day. Back to the slog.
Click to expand...

2d9f9ca7-d697-4767-89ec-506e8b617e56_text.gif
 
DropTank said:
Not entirely sure that "subway" and "enjoy" fit in the same sentence.
Tolerate?
Click to expand...
Gotta know what to order. You ordering their chicken or eggs or something else gross then that’s on you ;)

Spicy Italian is a good sandwich
 
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