The deal to avert the "fiscal cliff" brings back a provision that allows IRA investors to direct up to $100,000 of their minimum required distributions to charity. The so-called charitable rollover is not counted as taxable income. Taxpayers looking to reduce their adjusted gross income to avoid new taxes could benefit from the provision, experts say.
Tia Robertson was introduced to flying by her father -- she learned to fly in his 1947 Luscombe 8E. Her father's passion was purely recreational, but Robertson decided to pursue it as a career. She worked her way up to captain at United Airlines.
The Palatka Municipal Airport in Florida has scheduled its annual open house and fly-in for Jan. 26. Organizers are planning a day of food, airplane rides, demonstrations and skydiving and hopes to attract some 150 aircraft from other airports in the region.
Several market indicators including strong stock markets and record corporate profits suggest that the business aviation industry is set for growth in 2013, according to two analysts. "The year will continue to build on last year's progress," said Brian Foley of Brian Foley Associates. "Despite fiscal cliff uncertainty during the first half, the industry's primary U.S. market will lead the way. In all, the upswing will last until the next down cycle in 2017. Industry participants have the next four years to claw back and prosper."
The Congressional Budget Office has estimated that the legislation passed Tuesday to avert the "fiscal cliff" will add around $4 trillion to the deficit. The extension of lower tax rates for the majority of Americans will add $3.6 trillion to the deficit, according to the CBO.