Tax Strategies and Financial Planning for Pilots with Mike Rey

The Pilot Network Podcast

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 (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