What are physicians taking tax breaks on?

Here are the tax breaks physicians use most often, according to the Medscape 2023 “Physician and Taxes Report“:

Advertisement

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

At the Becker’s 32nd Annual Meeting: The Business and Operations of ASCs, taking place October 29-31 in Chicago, ASC leaders, surgeons and healthcare executives will explore strategies to drive growth, enhance operational performance, navigate reimbursement challenges and prepare for the future of ambulatory surgery. Apply for complimentary registration now.

Register to Attend Webinar

Beyond go-live: Scaling autonomous coding across the enterprise

Tuesday, August 25
1:00 PM - 2:00 PM CDT

Presenters: Brytani Griner, MS, RHIA, CRCR, CHFP, Ensemble Health PartnersBrinton Frisby, Solventum

Advertisement

Next Up in Legal + Compensation

Advertisement

Comments are closed.