Skip Your Next Estimated Tax Payment?
If you have purchased a business aircraft or are contemplating an acquisition in 2021, discuss with your tax advisor the option of reducing or even skipping the second quarter estimated income tax payment due June 15, 2021. 100% bonus depreciation can provide immediate income tax relief in 2021. Instead of making estimated income tax payment based on your 2020 income, you should base your payment on the projected reduced 2021 taxable income taking into account aircraft depreciation and expenses.
This review can provide cash flow towards the down payment for an aircraft acquisition or business operation needs, and avoid waiting for tax refunds to be processed after the filing of your 2021 federal income tax returns.
