There are tax planning strategies physicians can still put into action to set themselves up for tax savings for this year, 2021. Here are 10 deductions physicians should learn about:

1 Claim qualified business Income (QBI)

2 Claim QBI in rental income

3 Accelerated depreciation

4 Food expense deduction

5 Itemize when you can

6 Gift stock, not cash

7 SALT cap workaround

8 Opportunity zone investment

9 529 plan contributions

10 Tax harvesting to offset profit

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These deductions do not apply to everyone and depend on every physician’s individual circumstances, speak to your tax professional, or if you need assistance putting any of these ideas into action schedule a consultation.

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