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High Finances: Tips From The Tax Rulebook

Monday, September 27, 2021 at 08:34 PM ET

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Jason Depew says taking the standard deduction is a good move for most of us. Courtesy Jason Depew

Key Takeaways:

Tax credits directly reduce a pilot's tax bill (making them more beneficial), while deductions only lower their taxable income.
The increased standard deduction makes itemizing individual deductions less common, as it's only advantageous if itemized expenses surpass the standard amount.
Understanding available tax rules, deductions, and credits can significantly reduce a pilot's overall tax burden, with professional tax advice recommended for optimization.

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There are plenty of tax rules that a pilot can use to reduce their overall tax bill. But it helps greatly if you know the rulebook.

Jason Depew flies as a captain for a major U.S. airline. He is also an Air Force reservist and has flown more than 300 combat missions over Afghanistan and other garden spots. Based in Tampa, Florida, he instructs in the Icon A5 and anything else he can get his hands on. His writing is focused on personal finance for pilots with the goal to help all types of aviators enjoy great careers, sometimes in spite of themselves. You can send Jason questions at editorial@flying.media.