September 30, 2025
2 min read
Key takeaways:
- Physicians should take time to understand tax structures to preserve more of their money.
- Taxes are the ‘biggest expense’ for most physicians.
CHICAGO — As physicians increasingly find themselves working as employees rather than owners, understanding tax structures and preserving their income has grown more important, according to a speaker at the 2025 Women in Medicine Summit.
“The reason for this talk is that, as high income earners, most physicians are taxed at the highest rate, around 30% or 40%,” Brittne Halford, MD, MPH, an internal medicine physician, financial coach and founder of More Joy, More Wealth, a company that helps clinicians understand finances, told Healio.
“Physicians have not invested enough time to understand how taxes are a controllable expense in some regard,” she added. “People think that childcare or mortgage is the biggest expense for a physician, but it is actually taxes.”
Paying taxes at this rate can lead to frustration and burnout, according to Halford.
“This talk is centered around rethinking and restructuring our mindset about taxes,” she said. “I want to offer strategies for how we use, adjust and invest our money to preserve more of it.”
One big adjustment pertains to the massive student loan debt carried by most health care professionals.
“This is something that starts as soon as we graduate,” Halford said. “It is important to understand that reducing our adjusted gross income can impact our tax bracket and our student loan payments. There are ways to invest and shelter money in ways that make it appear that you earn less than you actually do.”
Paying attention to state and local tax structures can also benefit physicians, Halford added.
Most importantly, she encouraged physicians of all ages to think about their financial future.
“My last take-home message is to think about tax strategies not just for today,” Halford said. “There are ways to diversify tax strategies so that you are paying less in retirement.”
Although many professionals are trying to lower their tax bill “today” by placing money in pre-tax sheltered accounts, they do not realize that also using a ROTH IRA creates a path to tax-free growth in retirement, she added.
“I want to see them maximize their money at every stage — both in the present and when they are living off those withdrawals in retirement,” Halford said.
Sources/Disclosures
Source:
Halford B. Tax of Taxes: From Medical Student to Attending-How to Keep More of Your Hard-Earned Money. Presented at: Women in Medicine Summit. Sept. 18-21, 2025; Chicago.
Disclosures:
Halford reports being the owner of More Joy, More Wealth.
