As we finish up the fourth quarter it’s time to start looking at the books and one of the things to keep in mind is our tax deductions.
We polled our physicians about what tax deductions they routinely use and the top doctor tax deductions are above. There is a lot more information out there and we recommend physicians speak with an accountant of a financial planner to make sure they’re taking advantage of all the deductions out there.
Additional Tax Deductions to Consider
There are some additional tax deductions to consider which we found on WhiteCoatInvestor.com.
- Tax-deferred retirement plans
- Roth IRAs
- Health care expenses such as insurance and health savings accounts
- Business expenses such as meals, office supplies
- Mortgage interest
- Charitable contributions
- Tax-Loss harvesting, or recognizing investment losses on your portfolio
We talked recently about the unique financial position physicians have because of their delayed career start, high student loan debt and earning potential. Physicians are stretched so thin these days at their practices that it can be difficult to devote the attention needed to finances.
Let your career inform your tax decisions
As a newly minted physician you might find the student interest loan deduction the most important thing to remember when you’re filing tax returns. As you move through your career priorities will shift. If you’re selling a physician practice or if you’re getting ready for retirement be ready to adapt your tax strategy to your situation.
We’ll be discussing this further inside Sermo. If you’re an M.D. or a D.O. we’d love to have you join the conversation.