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Dear Fellow Pilot:
Tax Day (April 15th) is not far away and you need to start thinking — if you haven’t already — about getting your taxes squared away.
As you know, I love to blog about flying and the CRJ200…but I couldn’t have done it without the help of Yaro Starak and Gideon Shalwick. And they have a book that you need to download (for free) if you want to take a crack at blogging.
It’s fre.e!
It’s no-nonsense!
And I think you will really connect with these guys. I know I did!
In fact, they are the only ones I listen to. And even if you don’t think you have something to blog about, it is still worth checking out because I think you will be surprised that you actually DO have something to blog about…and eventually you can make money doing it too!
It is a well known fact that the airline you work for probably pays you less “Per Diem” than you are eligible, if any at all. And now that tax season will soon be among us, January 15th, I think, you need to know how you can get more money back from the IRS, if you are a pilot or flight attendant.
The definition of “Per Diem” is a sum of money paid to an employee to cover daily expenses or Meals and Incidental Expenses (M&IE) which is usually not taxed.
For example, my airline pays its pilots about $1.65 per hour from the moment they check-in for duty till 15 minutes after they block out (i.e., door open). So in a 24-hour period, they pay me approximately $39 per day to cover my Meals and Incidental Expenses (M&IE). However, according to U.S. General Services Administration (http://www.gas.gov), if I overnight in Chicago, I am authorized about $64 per day which is a difference of about $25.
One of my favorite questions when flying with a new first officer is to find out how they paid for their flight training. It seems that everyone takes fairly different routes.
- Some have parents that pay for it.
- Some flew as officers in the military and let them pay for it, then made the transition to airline pilots.
- Some, and these are the majority, worked at it piece-by-piece-by-piece until they had achieved all their certificates and ratings and had enough hours become flight instructors and eventually apply at a freight company or interview at a regional airline. All the while going into substantial debt to do it.
Just a quick reminder that NC Software that sells two products that are ESSENTIAL for pilots that need to accurately check their flight times, ends it’s sale tonight, Sunday.
For a limited time, you can get 15% all their products. After Sunday night it goes back to their original prices!
If you haven’t thought about it, electronic pilot logbooks are essential to backing up your hardcopy logbook. They also have the added benefit of uploading your flight times quickly, reminding you when your biennial flight review (BFR) is due, when your instrument proficiency check (IPC) is due, when you have to go do some touch-and-goes for currency, and a lot more.
Plus, if you are an upcoming pilot and want to fly for the airlines, the earlier you start tracking your flight times electronically, the easier it will be to prepare for your aviation interview when it comes up. Simply hit a button and all your flight times are calculated instantly.
One thing I wish I had done, but wasn’t available when I started flying was to build both logbooks together. That way I would have had completely accurate account of my flight times plus a backup.
Dear Fellow Pilot:
