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":

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

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