Tax Strategies and Financial Planning for Pilots with Mike Rey

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Tax Strategies and Financial Planning for Pilots with Mike Rey

Dec 20, 2024 • 47 mins

In this episode, Adam is joined by CPA Mike Rey from Jetstream to discuss essential end-of-year tax strategies tailored for pilots. They dive into the intricacies of tax preparation, including retirement accounts and the legality of backdoor Roth IRAs. The conversation highlights specific tax strategies for new airline pilots, financial transitions in aviation, and the benefits of Health Savings Accounts (HSAs). They also explore tax planning for pilots with real estate interests, considerations for short-term rentals, and the implications of state and federal taxes. The episode emphasizes the importance of professional financial advice and introduces the Jetstream Alpha community as a resource for pilots. www.jetstream.cpa

Key Points

Understanding tax-efficient strategies for retirement accounts, such as maximizing 401(k) matches and exploring Roth IRAs and HSAs, can significantly enhance long-term financial health for pilots.
Leveraging specific tax deductions and benefits, including student loan interest deductions and the use of FSAs or HSAs, can help reduce taxable income and manage financial burdens more effectively.
Strategic planning around domicile and state income taxes, especially for pilots with variable bases or those transitioning from military to civilian roles, can lead to substantial tax savings and simplified tax filing.
Check out Mike and his services at www.jetstream.cpa
Disclaimer: The content shared on this podcast is for informational purposes only and should not be considered as tax, legal, or financial advice. The hosts and guests are not licensed professionals and the information provided may not be applicable to your specific situation. Always consult with a qualified tax advisor, attorney, or financial professional before making any decisions based on the information discussed. We make no guarantees regarding the accuracy, completeness, or reliability of the information provided.

Speakers

Adam Uhan

Host • 49%

Michael Rey

Guest • 51%

Chapters

0:00	Introduction and end of year tax strategies
2:22	Welcoming Mike Rey and discussing financial advice
3:12	End of year tax preparation and retirement accounts
8:00	Legality and process of backdoor Roth IRAs
11:43	Tax strategies for new airline pilots
16:37	Tax advice for financial transitions in aviation
18:39	Health Savings Accounts (HSA) strategies
22:44	Planning for health insurance and flexible spending accounts
26:00	Tax planning for pilots with real estate interests
30:03	Tax benefits and considerations for short term rentals
34:18	State and federal tax considerations for pilots
38:01	Tax implications for military and reserve pilots
39:16	Maximizing benefits from retirement account contributions
42:06	The importance of professional financial advice for pilots
43:37	Introduction to Jetstream Alpha community

Transcript

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