Private jets have long been a symbol of luxury and exclusivity, and nobody knows that better than the private jet experts at Four Corner Aviation. These planes are critical for corporate executives like CEOs and CFOs that want to maximize their time and efficiency, but owning a private jet can be very expensive. They can also be seen as an unnecessary expense during difficult financial times, but the convenience and speed of travel they offer are still incredibly advantageous. Keeping private jets off corporate ledgers and instead paying for corporate jets as a service allows companies to experience all the freedom, flexibility, and other benefits of owning a private jet without the cost, responsibility, or negative perception of owning one.
Considering leaving private jets off your corporate ledgers? Here are all the ways you can benefit:
Tax Benefits
Paying for a private jet as a service when top executives need to travel for business or pleasure instead of owning and maintaining one outright has recently become much more appealing and beneficial due to recent tax changes. Today, 44 states impose both sales and use taxes on planes and 42 states impose annual registration tax and/or personal property tax on planes.
Unlike owning a private jet, purchasing a corporate jet as a service can be treated as a business expense and then deducted accordingly. Additionally, because the service is not a lease and does not appear on the corporate balance sheet, IRS and SEC reporting is simplified. This streamlines tax returns, significantly reducing the complexity of tax filing and the risks that could result from non-compliance.
Cost Savings
Owning a private jet involves a substantial upfront investment of several million dollars, even if they decide to purchase a pre-owned model. In addition to this, there are a variety of ongoing costs of owning and operating a private jet, including maintenance, repairs, fuel, and staffing. Companies will also need to pay for a place to store their jet when it’s not in the air. While less expensive, outdoor storage leaves the aircraft exposed to the elements, which can result in rust, chipping, and damage that may require costly repairs. Indoor storage in shared or private hangars can be tens of thousands of dollars a year. Combine this with the fact that aircraft insurance is skyrocketing, and owning a private jet often costs companies and business executives much more than they initially expected and budgeted for.
By contrast, when opting to purchase a corporate jet as a service, these costs are absorbed by the service provider. This results in significant cost savings for companies and executives that need to travel, whether they do so frequently or only occasionally.
Less Hassle and Headaches
Typically, it takes over 56 different contracts to execute private aviation successfully. This is not only costly but also difficult to manage. The aviation industry is very involving, and this complexity can mean a lot of headaches for a company or executive that owns their own private jet. Four Corners Aviation simplifies this down to one, and you have a single point of contact for services.
Retained Flexibility and Convenience
Purchasing a private corporate jet as a service offers companies and high-ranking executives the flexibility, freedom, and convenience of private air travel without the hassle of ownership. Save time and energy by letting us worry about all details, such as maintenance, repairs, and staffing. You get to look forward to your trip and focus more on running your business. Furthermore, you can customize the travel experience by choosing the plane that best suits your travel needs.
Avoiding Negative Public Perception
Finally, owning a private jet can carry negative public optics, particularly in light of concerns about climate change. The perception of a corporate executive flying around in a private jet can be seen as wasteful and out of touch, which could negatively impact your reputation. Even better, our services are optimized with custom-built programs that protect the environment, enabling our clients to be carbon-neutral from the outset.
While owning a private jet may seem like the ultimate status symbol, the drawbacks are significant. Companies and corporate executives can maximize their efficiency and productivity by considering the advantages of purchasing our world-class private jet services that minimize costs and hassle. Fly with us and treat yourself to the ultimate private travel experience the next time you fly for business or pleasure.