Cash Balance Plans: Another Retirement Account For Professionals

The single best tax break available to physicians is maximizing your retirement plan contributions.  Most self-employed or partnered doctors already have a defined contribution/profit-sharing plan (SEP-IRA or 401K) available to them into which they can contribute $58K a year for 2021 ($64,500 if they’re 50+.)  If your federal and state marginal income tax rate is 37%, you just…