Build Muscle And Reduce Your Taxable Income? You May Be Able Write Off Your Fitness Tools in the Near Future

Pretty soon, you might actually look forward to filling out your taxes.

Yes, that seems impossible. And sure, maybe you won't be psyched to do your taxes, but Congress has introduced legislation that may make your fitness habits tax deductible.

The PHIT Act (Personal Health Investment Today) would make "fitness related expenses" tax deductible up to $1000. $2000 if filing jointly. 

The act was proposed as a way to incentivize a healthy lifestyle, which can be difficult if you can't afford basic fitness equipment or memberships. This way people could afford the tools they need to keep active and help fight the obesity epidemic.

Sadly, "fitness related expenses" doesn't include every workout tool under the sun. Your handmade custom running shoes with matching sweat-wicking headband will not qualify.

But most any sports equipment does fit the bill. You could write off canoes, boxing gloves, kettle bells, golf clubs, treadmills, footballs, baseballs, roller blades, cleats, and much more. Basically, if you need it to play a sport or engage in any workout-like activity, it qualifies.

The best part is that gym memberships and classes would also be covered. Youth camps, personal trainers, health clubs, gymnastics, and martial arts classes are all great tools of fitness that you'd be getting some money for.

The main thing you can't claim is gym clothes, which (other than running shoes) is usually the cheapest part of your workout anyway. Oh and also for those golf fans, get excited for some government bucks on your new golf clubs, but know that a country club membership would have to come solely out of your own pocket.

The act has not yet been passed, so we won't be seeing any results from this in the immediate future. Hopefully, Congress will agree that fitness is a vital part of health - a preventative measure for future illnesses.

It's exciting to hear that the government is starting to take the nation's health seriously and attacking the problem from all sides. With Michelle Obama's work in bringing attention to diet, and now to this new act, America is steadily progressing towards being a nation of good health.