Friday, March 10, 2017

Positive Life Changes Can Equal a Tax Break

It’s a brand new year, and, if you’re like most people, then you have probably committed yourself to making some big and positive changes in the year to come. Whether your resolution is to lose weight, volunteer more, to get out of debt, or anything in between, you might be surprised to learn that many of these positive changes you plan on making actually come with tax deductions attached, which is even more reason to stick to your guns and actually follow through on your resolution.  


Want to Lose Weight?

One prime example of a common new year’s resolution with benefits attached is losing weight.

If you’re determined to shed the extra flab this year, you can rest assured that,in the future, you will be likely to save on health care costs by avoiding many of the ailments, such as high blood pressure and heart disease, that affect the chronically overweight.

Furthermore, you can often deduct the costs related to approved weight loss programs, gym memberships, and other health and wellness related measures if your doctor can verify, in writing, that you need to do these types of things to benefit your health.

Finish that Degree

If your new year’s resolution is more about improving your mind than your body, don’t worry- you can still benefit!

If you are planning to attend a trade school or college in the new year, you can, in many cases, benefit from the American Opportunity Tax Credit, which can lead to some pretty awesome opportunities and savings.

Spread the Love

Maybe your new year’s resolution is to be more mindful of others. That’s a great goal and one that, ultimately, you can still benefit from yourself!

If you choose to give allowable goods or cash donations to a reputable charity, these things are fully deductible, which can lead to savings and benefits.


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