Flying via a privately-owned aircraft rather than by a commercial airline offers several advantages to a high net-worth individual, closely held business owner, or family office. Private aircraft provide expedient access to locations without commercial air service or to destinations that are far from a major airport. Some of the most commonly cited perks include the ability to travel on short notice and avoid crowded terminals, security lines, and complex boarding procedures. All these considerations have gained importance in the last several years.

For all of its advantages, there are many business and tax factors to consider before and after acquiring a private aircraft. Private aircraft owners may further optimize their tax position if they qualify for the tax relief enacted under the Tax Cuts and Jobs Act (TCJA) of 2017.

A key aspect of qualifying for tax relief is maintaining books and records that accurately reflect the business usage of the aircraft each year. Aircraft owners are the subject of an IRS enforcement campaign, which is seeking detailed documentation to substantiate business deductions, including bonus depreciation.

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