Episode 49: Smarter Aircraft Ownership Through Tax Strategy and Compliance
5/19/202643 min
Want to avoid costly tax mistakes with your aircraft ownership?On the latest Jet Setting Wealth Advisory, David T. Yu speaks with Ryan DeMoor, Head of Aviation Tax at MySky, for an in-depth conversation about aviation tax strategy, compliance, and the critical mistakes aircraft owners and operators often make. Ryan shares how his unique background as both an airline pilot and aviation tax expert gives him rare insight into the challenges flight departments, executives, and owners face when trying to balance business use, personal use, and IRS requirements. From bonus depreciation and Qualified Business Use tests to SIFL, entertainment disallowance, and the role of automation and AI in aviation finance, this episode breaks down the complex tax rules that can create massive financial consequences if misunderstood.Key Takeaways:→ Bonus depreciation only works if strict Qualified Business Use rules are met every year→ Failing QBU tests can trigger painful tax recapture years later→ Personal vs. business flight classification must be documented contemporaneously→ SIFL and entertainment disallowance directly impact executives and company deductions→ Automation and software are transforming how flight departments stay compliant and cost-efficient More from Ryan DeMoor and MySky:Email: Ryan@MySky.comWebsite: mysky.comLinkedIn: linkedin.com/in/ryan-demoor-cam-mba Engage with David T. Yu:Connect on LinkedIn, Instagram, & Facebook Sign up for our newsletter or book a call Visit: DTY Wealth Planning Solutions Learn more about your ad choices. Visit megaphone.fm/adchoices
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First 90 secondsSpeaker 10:00
[upbeat music] The Jet Setting Wealth Advisory Podcast, where your financial journey takes flight with David TU. As an airline pilot and financial expert, David merges the aviation industry and wealth management to help you navigate today's complex financial skies. Each episode features expert insight, blending personal stories with essential financial strategies. We ask that you fasten your seatbelts and sit back as we prepare for takeoff. Our destination: your financial empowerment.
David Yu· Host0:32
Hello, everybody. Welcome back to Jet Setting Wealth Advisory, where aviation meets smart financial strategy. I'm your host, David TU, wealth advisor, active airline pilot, and founder of the DTY Wealth Planning Solutions, where we specialize in helping aviation professionals navigate tax strategy, retirement, and long-term wealth planning, including being super tax efficient. Today, we're joined by Ryan Damour, Head of Aviation Tax at MySky. Ryan leads the tax vertical across MySky's innovative aviation finance platform, and oversees their outsourced managed tax department, while helping build cu- uh, edge solutions like MySky Tax and MySky Pay. With a background that spans being a former chairman of the NBAA Tax Committee,