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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