What Are Common Tax Deductions For Doctors?
Each year millions of people try to figure out what expenses they can deduct on their tax returns. The expenses that are deductible can vary from person to person based on their situation or occupation. Doctors have access to various tax deductions that may not be available to the average person.
Costs of Continuing Education
The first set of common tax deductions for doctors are costs of continuing education. Doctors, and many other people in the medical field, are required to obtain some form of continuing education. Many continuing education courses take place at large conferences, which come with airfare, meals, and lodging expenses. As long as these expenses are related to their profession, a doctor may be able to deduct all of these costs on their tax return. Any personal expenses associated with this trip may not be deducted.
Home Office Expenses
Other common tax deductions for doctors are those associated with building a home office. If a doctor decides to open a small practice or office out of their home, a large amount of deductions will come their way. The doctor will be able to deduct all the costs associated with constructing or remodeling the home office. They will also be able to deduct all equipment and supplies necessary to use the home office.
Medical expenses are the third group of common tax deductions for doctors. Doctors that are unincorporated, or in a S corporation, may deduct 100% of the money they spend on health insurance for both themselves as well as their dependents. This deduction is most frequently used by doctors and physicians that run small private practices. There is no limit on this deduction.
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