Some jobs pay more than others, not just in terms of salary but also in terms of tax write-offs and other advantages. For example, a self-employed architect may, on paper, make less than a CEO running a highly successful company, but that architect can write off a slew of expenses that the CEO may not be able to, as we’ll get into below.
See: The IRS Has Refunded $15.7B as of Feb. 3 — Here’s How Much the Average Taxpayer is Getting Back
Find Out: 3 Signs You’re Serious About Raising Your Credit Score
Let’s have a look at eight jobs that pay at least $100,000 and have significant tax advantages.
Architect
We just mentioned this profession, so let’s get into it.
The average salary for an architect in the U.S. is $146,212, according to Comparably. Architectural or engineering services executed in the U.S. for domestic construction projects are eligible for tax deductions of up to 9%. A self-employed architect has great range when it comes to deductions: They can write off business travel expenses, meals, education and training, workspace utilities, business loans, reference materials, insurance, tools and equipment and other work-related costs.
Lawyer
Though public defenders generally don’t make a tremendous amount in the U.S. ($60,203 on average, according to Payscale), most other lawyers stand to make a killing, which is why the average lawyer makes $98,822, according to Indeed. Lawyers are also entitled to a bevy of write-offs, whether it be education, office supplies or travel expenses. There’s plenty that lawyers can write off from their work.
Take Our Poll: What Do You Plan To Use Your Tax Refund For?
Financial Advisor
A financial advisor helps one manage their money, and they can make plenty of their own money, too. According to U.S. News & World Report, the best-paid 25% of financial advisors made $158,890 in 2021. People in this profession also have the ability to write off a ton of expenses, including the cost of continuing education courses, professional dues and office expenses.
Aeronautical Engineer
An aeronautical engineer earns an average salary of $101,136, according to Indeed, and can get some pretty cushy tax advantages, including retirement planning services and possibly tuition reimbursement benefits. This is also a field that touts great job security — an added bonus — with the U.S. Bureau of Labor Statistics projecting a 6% increase in employment outlook for aerospace engineers between 2021 and 2031.
General Contractor
General contractors make an average salary of $100,196 in the U.S., according to Indeed, and they can also rake in a ton of sweet tax write-offs. These include legal fees, software, contract labor, safety gear and uniforms, machinery and tools, commercial license, trade school tuition and more.
Physician
It may sound cynical, but kids aren’t encouraged by their families to be doctors just because it’s one of the noblest and most rewarding jobs in the world; it’s also one of the most well-paying careers. According to Indeed.com, the average salary for a physician in the U.S. is $165,268. These types of doctors are entitled to a boatload of tax benefits too — including, but not limited to, employer-sponsored retirement accounts such as a 401(k) or IRA, business operating expense deductions, tax-deductible professional dues, and, if self-employed, tax-deductible health premiums, medical equipment and even home mortgages.
Nurse Practitioner
These professionals rake in $117,340 a year in the U.S., on average, according to Indeed, and they can access a number of swanky tax benefits, including, but not limited to: write-offs for advertising and marketing services (if self-employed), education and training, required licenses and dues, insurance, mileage and home office.
Pilot
It’s been a rocky few years for the air travel industry, but pilots have actually had the upper hand as they’ve been in huge demand, with many having bailed during the peak of the pandemic. Last July, the shortage was so intense that American Airlines actually offered pilots triple pay to pick up flights. Not only is the salary good (a pilot in the U.S. makes an average salary of around $102,362, according to Indeed), but the tax advantages in this profession are significant. Pilots can deduct travel expenses (which would surely add up, since they’re presumably traveling all the time), airport meals, union dues, training costs, license fees, visa costs and other business-related fees.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: 8 Six-Figure Jobs With the Best Tax Breaks
link