My Side Hustle Blew Up! What Can I Do About Taxes?

Pilot’s Portfolio

In this episode, Tim tackles some burning questions from an enterprising business aviation airman. Due to the airlines sucking a lot of talent from business aviation, this airmen is flying high but grappling with a looming tax bill from his side hustle.

While business is good, this airman also acknowledges it’s hard to ignore major airline pay with recent contract improvements and record retirement contributions. He wants to know how to survive the financial turbulence of reduced pay in the first year of airline flying. Lastly this airman inquires about a way to view side by side retirement projections if he stays in his current gig or takes the leap to 121 flying.

What You'll learn from this episode:

• How to make the retirement account limits work for you
• What else to think about beyond having your business run through an LLC or other entity structure
• Why keeping proper accounting records matter when you're self employed
• How to survive first year pay at the airlines.
• How we approach retirement projections for pilots changing careers

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Timothy P. Pope is a Certified Financial Planner™and principal owner of 360 Aviation Advisors, LLC (“360 Aviation Advisors”), a registered investment advisory firm. Investment advisory services are provided through 360 Aviation Advisors, in its separate and individual capacity as a registered investment adviser. Podcast episodes are provided through Pilot’s Portfolio, in its separate and individual capacity.

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