List Of Physical Fitness Activities – Which Is Tax Deductible And Which Are Not


list of physical fitness activities

Each person will find that their own physical fitness level varies and the list may need to be customized to meet the needs of each individual. Regardless of whether you are looking for something specifically or just want to know what exercises will help you reach your fitness goals, this list will help you get started.

The IRS publishes a Taxpayer’s Check List of the Tax Deductible Expenses. This list helps individuals and businesses to prepare and submit the necessary receipts and forms to claim their expenses on their taxes. All activities that improve health, reduce health risk factors, or maintain current physical fitness qualify for the tax deduction. Some of the items that appear on this list include: weight loss programs, yoga/meditation classes, aerobic exercise, golf, bicycling, hiking, tennis, swimming, surfing, and others. While the tax treatment for the majority of these items are pretty much the same, some, such as swimming and surfing, may need to be modified slightly based on local, state, or federal guidelines.

Travel And Commuting Expenses

A person sitting in a living room

The fifth price list of physical fitness includes travel and commuting expenses. This category typically includes car expenses related to driving to and from wellness related activities, if applicable. Travel related reimbursable expenses include gas/diesel expense, car rental expense, meals, and other out-of-town travel expenses. When you think about it, even if you commute 15 minutes to your wellness center, you could be using many of these tax treatment options.

The final price list of physical fitness includes miscellaneous tax treatments. This could include activities that increase strength, agility, balance, and coordination. Most of these categories will apply to most self-directed IRA and eligible retirement plans. Some plans may even apply to non-traditional IRAs and Roth accounts.

Emotional Health

One other category of taxable expenses relate to emotional health. Emotional health is defined as a person’s mental and emotional well-being. Many a time, self-directed IRA, and qualified retirement plans are used to ensure a healthy emotional well-being. There are many great books on this subject matter and plenty of online articles on emotional health. It would not be surprising to learn that a large percentage of the population considers being healthy an emotional health issue. If you are considering investing in a self-directed IRA, or retirement plan consider the tax treatment of investing in a plan that encourages healthy emotional health.

List Of Physical Fitness Activities is not limited to those listed above. They are in addition to the therapeutic services discussed above. It would be easy to get lost with all the different forms of physical activity and not have a clear sense of our health as a result. We all need to consider the total cost of our lifestyle, not just the “here and now”, but the future.

An Investment Strategy

The costs of living can quickly add up when you add them all up. It is important for you to have an investment strategy, one that takes into consideration your total lifetime costs as well as potential short-term and long-term gains.

When you invest in a self-directed IRA, you will want to take advantage of every tax treatment available to you. If you choose to invest in traditional IRAs, you will still need to take advantage of standard deductions and rebates. In a self-directed IRA, you are not limited to any IRA type.

Conclusion

If you decide to invest in a self-directed IRA, the best thing to do is determine which types of transactions will be tax exempt and which ones will not. The IRA may have different rules for income and gain, rebates and other categories. By knowing your total tax treatment, you will be able to make better financial decisions, both in the present and into the future.

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