What tax breaks physicians use most often

Contributing to a pre-tax 401(k) account is the tax break physicians use the most often, according to Medscape’sPhysicians and Taxes Report 2022.”

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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
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