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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:

Pilots can reduce their tax burden by understanding key tax rules, particularly the differences between credits and deductions.
Tax credits directly reduce your tax bill, offering a greater financial benefit than deductions, which only lower your taxable income.
Most taxpayers benefit from the increased standard deduction, making it more advantageous than itemizing individual deductions unless the total itemized amount exceeds the standard deduction.
The article serves as an introduction to tax reduction strategies and recommends seeking professional tax advice for personalized guidance.

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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.