Tax season hits like a surprise holding patternâand if youâre like most pilots, it probably wasnât at the top of your to-do list. Between bidding schedules, simulator sessions, and layovers, itâs easy to push paperwork aside.
But with the April 15th deadline on final approach, thereâs still time to take a few critical steps that could save you money, reduce stress, and even set you up better for next year.
Here are six things you can do today to get your taxes on glidepath:
Pilots often wear more than one hatâflying trips, instructing on the side, renting out property, or investing.
â Action Item: Make sure youâve collected all your income documents:
W-2 from your airline
1099s from side hustles (e.g. flight instruction, Airbnb)
Investment income (1099-INT, 1099-DIV, etc.)
Rental property income and expenses
Donât forget per diem reimbursementsâthese can be deductible depending on your employment structure and how much was pa...
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