Taylor Swift’s recent private jet flight from Japan to the Super Bowl in Las Vegas has sparked interest not only among her fans but also within the Internal Revenue Service (IRS). The IRS has announced plans to conduct numerous audits on business aircraft, particularly focusing on personal use.
Under the tax code, business aircraft expenses can be tax-deductible if the asset is primarily used for business purposes. However, distinguishing between business and personal use can be intricate, leading to challenges in record-keeping.
