7 things to stretch your lifespan by saving more on your tax payments
Is your tax schedule choking the life out of you? Wondering where all your extra earnings are flowing out? Blame no one but your wrong diet and sedentary lifestyle then. They could drain your money more than anything else. Yes, its true. Looking to shed off some extra amounts on tax? Its time to look for shedding some extra pounds then. Eating and living smart could not just benefit your health, but also your bank savings account.
The Government has rolled out a plethora of tao deduction schemes to shed your load of extra t. payments. Why don’t you try some smart hacks as well? Want to tap on some smart tips of t. reductions? Bet you can’t miss these seven things then.
Medical Insurance scheme
Medical expenditure can blow your savings anytime. If you want to stay on top of your budget, always invest in a medical insurance first. The insurance premiums could actually give you more benefit than your deductible medical costs, which can be claimed as an itemized deductions against your Adjusted Gross Income. According to the IRS, you could save 100 percent of your premium costs if you have invested in an insurance scheme.
The work out scheme
How about listening to your doctor and starting exercise right off the bat? While running on the treadmill or logging in the park might not deduct your tax overnight, your workout wear and gear can All you need is a written proof from your medical supervisor that you have been advised to exercise by your doctor for a medical cause.
Did you know any equipment, including a pool installed for a medical purpose, could fit your t. deductions? Yes, its true. You could even stretch this benefit to your spouse and minors too. But you need to consult first.
The Charity Scheme
As a loyal taxpayer, you must know that any part of your charitable donation or out-of-pocket expenses is deductible from your t. burden. Try participating or donating to a charity fundraiser today. Taking part in a charitable workshop or more can even save you from the tao audits by itemizing your cash memos or bills.
The childcare scheme
Now you can even list your babysitting fees as a charitable work. But this is only possible if you have a proper documentation of your babysitter during her working hours.
Business expense scheme
As a smart taxpayer, you can stay ahead of the curve by simply making the most of what benefits or validates your business. Foray riding your two-wheeler or using your valuable resources like computers at work could be considered as a business expense for partial, if not full, deduction off your business earnings. Equipment, stays, foods or any other products used for your valid work purposes can right fit in your bills of deductions.
Eating restrictions scheme
Did your doctor just advise you a gluten-free diet chart? And that too for a serious diagnosed medical or dental condition? Fear not Convert your gluten-free groceries into the medical expenses and get them reimbursed in no time. It’s IRS that has agreed to waive off any such expenses that are more than 10% of your AGI.
The teaching scheme
Are you a teacher? No matter you are babysitting or teaching aerobics, IRS could slash off your business expenses related to your classroom expenses. Great is not it? So, get ready to take advantage to avail a reduction for everything, including teaching materials, stationery, etc., which are a potential business expense for our niche.