Getting into shape is not a cheap endeavor. We all know that getting into shape not only takes time, but it costs money.
Between the equipment, personal training, diet regimen, healthier food, clothing upgrades, and clothing replacement due to resizing (either up or down, depending on your current status/future goals), getting into better shape definitely requires a financial investment. While you are really in this for optimizing your health, so financial outlay at this juncture should not be of great concern, it would be nice to get some of that cash back. After all, those protein bars are pretty darn expensive.
But how do you turn your personal fitness expenses into cash? Clever tax returns. Take some time and get to know your local tax specialist and you will find that there are ways for you to turn your expenses into deductions when it comes tax time.
Sure, it isn’t the most immediate way to get money back from something, but I challenge you to find a quicker, more surefire way. Filing taxes with deductions for your fitness expenses is a sure way to get some of your cash back.
Here are some hints when you go in to talk to your tax accountant. Find a business that you are involved in where these expenses could potentially be part of the business expense. For example, are you a personal trainer? You must invest in equipment, clothing, gym memberships, healthy food, protein bars, and more to keep your business going! That was the low-hanging fruit. You may also have to get more creative. For example- are you a writer? Are you doing research on gym behavior and needed to buy a membership to have access to gym members? That can be a business expense, too!
So long as it’s all true and real, your accountant can save you over a $1,000 on gym-related expenses.