Category Archives: Pilot Finances

Thinking about taxes today could add more than $200,000 to a pilot’s retirement

taxesCompound interest has been called the eighth wonder of the world.  Incredible monetary growth is possible given two simple ingredients – persistence & time.  And for airline crewmembers, perhaps one of the most overlooked opportunities to benefit from the power of compound interest comes during tax season.

Airline crewmembers (both pilots and flight attendants) incur a number of expenses associated with their employment.  Most of these expenses are eligible to be written off as itemized deductions on IRS Form 2106 (Employee Business Expenses).  Continue reading