Do you love to save on your taxes? One of the most overlooked or common mistakes is the failure to maximize tax breaks that are available to physicians.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about five of the most overlooked tax breaks for doctors. Personal finance is about avoiding errors or when it comes to filing income taxes with the Internal Revenue Service (IRS).
- 5 of the Most Overlooked Tax Breaks for Doctors:
- Health Savings Account (HSA): Build wealth and avoid income tax
- Tax Loss Harvesting: Capital gains and losses are taxable investments
- Backdoor Roth IRA: Indirectly fund Roth IRA if income is above threshold
- Business Expenses: For side-hustle or self-employed with 1099 income
- Work Retirement Plans: Max out 401(k), 403(b), 457(b), and pensions