I am often asked if membership in heath clubs or gyms are tax deductible. Sadly, the answer has been, and continues to be no. Yes, there is a fitness tax credit for children, but it’s intention is to help parents pay for various aspects of raising a child, rather than to encourage the health of citizens.
As far as fitness goes, we’re on our own. And since we are on our own, with no government assistance or credits for taking care of ourselves, we might as well ensure our finances are in good shape as well. Not doing so will not only be unhealthy for us personally, it will typically result in actually paying more tax than we need to pay.
The following are some important tips to keep yourself fit financially:
File your tax return on time.
Review bank and credit card statements monthly, know where you are spending your money. Look for often forgotten items such as donation and medical expenses. If you are able to, be detailed and categorize your expenses: Investing (future), Fun (short term), Savings (long term), Sharing (donations), Learning (education), Living (necessities)
Pay bills by the due date.
Contact our office for tax preparation before March 15th to get a discount on our fees.
Hoping your physical and financial lives are healthy and will stay that way. Help is here if you need it.