About the Author Author: Justin Nabity Last updated: October 20th, 2022 Manage Your Money Tax Reduction Strategies for MD’s: Tax Credits Tax Reduction Strategies Series The third installment in our series of steps physicians can take to reduce thier tax burden is to employ tax credits. Strategy 3: Look for Tax Credits Tax credits are dollar for dollar offsets to taxes owed. Unfortunately, most tax credits are phased out for higher income earners. However, if you are a homeowner, you can claim an energy tax credit of up to 30% of the cost for installing qualifying, alternative energy equipment (available through 2016) Effective tax reduction can save high earning physicians hundreds of thousands of dollars over their earning years, but it does require a concentrated effort through planning, record-keeping, and, most important, the help of a qualified tax professional. Other posts in this series: Strategy 1: Reduce Income Strategy 2: Increase Deductions Every individual’s tax situation is unique; therefore, this article is intended to be informational only and not as specific tax advice. Please consult a tax professional. Share on Twitter Share on Facebook Share on Messenger Share on Pinterest Share via Email Share on LinkedIn