Contributing to a pre-tax 401(k) account is the tax break physicians use the most often, according to Medscape's "Physicians and Taxes Report 2022."
The report surveyed more than 1,500 physicians on their taxes and how they feel about them.
Here are the tax breaks physicians use the most often:
- Contributing to a pre-tax 401(k) account: 60 percent
- Contributing to charity: 54 percent
- Paying interest on a home mortgage: 46 percent
- Writing off eligible business expenses: 39 percent
- Contributing to a 529 college savings plan: 25 percent
- Contributing to a backdoor Roth IRA account: 21 percent
- Selling investments at a loss: 13 percent
- Owning rental properties: 12 percent
- Contributing to a cash balance pension plan: 11 percent