The Top Tax Breaks That Physicians Use
According to Medscape’s Physicians and Taxes Report 2023, doctors paid an average of nearly $100,000 in state and federal taxes last year, with many feeling that they are overpaying. Taxes are inevitable in a physician’s financial journey, but did you know you can optimize your tax strategy? Medscape uncovered the top seven tax breaks physicians claim and how you’ll want to take full advantage.
- Contribute to Charity
- Contribute to a Pre-Tax 401(k) Account
- Deduct Interest on a Home Mortgage
- Write Off Eligible Business Expenses
- Contribute to a 529 College Savings Plan
- Sell Investments at a Loss
- Contribute to a Backdoor Roth IRA
The Top Tax Breaks That Physicians Use (Braverman, Medscape, 9/19).
