Here are the tax breaks physicians use most often, according to the Medscape 2023 "Physician and Taxes Report":
|
Tax break |
Percentage |
|
Contributing to charity |
70 percent |
|
Contributing to a pre-tax 401(k) account |
60 percent |
|
Deducting interest on a home mortgage |
52 percent |
|
Writing off eligible business expenses |
46 percent |
|
Contributing to a 529 college savings plan |
27 percent |
|
Selling investments at a loss |
22 percent |
|
Contributing to a backdoor Roth IRA account |
20 percent |
|
Owning rental properties |
17 percent |
|
Contributing to a cash balance pension plan |
11 percent |