As the April 17 tax deadline nears, do you find yourself looking under couch cushions, going through office files and combing through bank statements in hopes of finding any last minute receipts or tax deductions that you may have overlooked? Well, you may not need to look any further, as good tax news may be found around the corner at your local personal training studio.
Does finding tax relief while working out sound too good to be true? Surprisingly, you may be able to financially benefit from your personal training by deducting the session costs on your tax returns this year. According to the Internal Revenue Service, there are certain medical expenses that can be deducted on your tax returns, which may include personal training, in some instances.
Personal Training Tax Basics 101
While it is always recommended to consult your trusted financial advisor to confirm any tax deductions, it is important to take note that it may be possible for you to deduct part of the costs of your personal training as a qualified medical expense under the IRS tax code.
Interested in Receiving More Detailed Information?
If you think you may be eligible to start deducting your personal training sessions on your tax returns this year, contact your local Fitness Together studio (888-YOUR-GOAL) today to learn more. Fitness Together is here to help support your efforts to qualify for this deduction and to help you reap the benefits of a healthy lifestyle and tax relief this season.