We present a new stabilized finite element (FEM) formulation for incompressible flows based on the Finite Increment Calculus (FIC) framework. In comparison to existing FIC approaches for fluids, this formulation involves a new term in the momentum equation, which introduces non-isotropic dissipation in the direction of velocity gradients. We also follow a new approach to the derivation of the stabilized mass equation, inspired by recent developments for quasi-incompressible flows. The presented FIC-FEM formulation is used to simulate turbulent flows, using the dissipation introduced by the method to account for turbulent dissipation in the style of implicit large eddy simulation.