Written on April 16, 2012 at 9:00 am , by Colleen Moody
If you haven’t filed your taxes yet, you’re in luck! We got some tips from FOX Business Network’s Melissa Francis on health and wellness deductions you might be able to make. Check out her tips to save some cash below.
1. A lot of people don’t know that can you get credit for medical expenses as long as they exceed 7.5 percent of your adjusted gross income. That’s not a tough hurdle considering how quickly bills add up. Put together your receipts for the doctor and the dentist and don’t forget about eye doctors, chiropractors, psychologists and even acupuncture sessions! The IRS takes non-traditional medical practitioners into account as well.
2. Another reason to kick a bad habit: You can deduct what it costs to join a smoking-cessation program.
3. Got a NordicTrack collecting dust somewhere in your basement? Donate it, along with any other old equipment you no longer use. Use the extra funds to join a gym, or take your workout outside and enjoy the public spaces that your taxes are used to maintain!
4. If you’re looking for work, unemployment does have one perk–you can write off job-related costs. Copies of resumes, business cards, postage and even travel for interviews can be deducted, so save your receipts. If you found a job, you can write off the relocation costs. And it doesn’t stop there! Fees and expenses related to education that improve your current job skills or are required to maintain your job can also be deducted.
5. If your employer offers a Health Savings Account (HSA) or 401K plan, don’t pass it up! Contributions made by your employer are not included in your taxable income. That means you have pretax dollars you can spend on health related expenses, from prescription drugs to OTC medicines. With a 401K, you can begin stashing away money to build your nest egg for years down the line.
More from FITNESS: 10 Ways to Save Money While Getting Fit
Photo courtesy of Shutterstock.com