About 70 percent of physicians received tax breaks from charitable contributions in 2022, up from 54 percent the year prior, according to Medscape's 2023 "Physicians and Taxes" report.
Here are the most commonly used physician tax breaks:
1. Contributing to charity: 70 percent
2. Contributing to pre-tax 401(k) account: 60 percent
3. Deducting interest on a home mortgage: 52 percent
4. Writing off eligible business expenses: 46 percent
5. Contributing to a 529 college savings plan: 27 percent
6. Selling investments at a loss: 22 percent
7. Contributing to a backdoor Roth IRA account: 20 percent
8. Owning rental properties: 17 percent
9. Contributing to a cash balance pension plan: 11 percent