Here's one that has slipped under the radar. Some Republican congressman from Illinois has sponsored a bill to amend the tax code to allow Americans to spend $1000 a year pre-tax on exercise equipment and programs.
Here's one that has slipped under the radar. Some Republican congressman from Illinois has sponsored a bill to amend the tax code to allow Americans to spend $1000 a year pre-tax on exercise equipment and programs.
If I understand this correctly, the deduction will not go into effect until the 2007 tax year. I searched RIA Checkpoint and could find no mention of this amendment. Maybe the bill did not pass yet? Anyway, this would be cool, but to get this deduction I think that along with the $1000, you have to spend at least 7.5% of your AGI to see any benefit.
7.5% of your agi to get a deduction, what is that relationship...I am unaware of it please enlighten
For most us on this board we are young and poor and so the best move is to take the standard dedection which should be 4800+ this year. (Unless your itemized deductions are more than this its like intercepting a 10 yard pass when its 4&5 late in a playoff game and then fumbling it away)
This exercise deduction is similar and most likely related to the health care expense deduction. For health care, if you spend more than 7.5% of your income - after above the line adjustments - AGI - you can deduct. Thats a high % to pay for kicks or to the doctor.
This is better scheme for next year. Kiddies get your parents to give you thier appricated stock (thanks to this bull market) and then sell it! no tax on the gains if you are in the lowest two brackets...
"Beginning in 2008, the tax rate on long-term capital gains from sales of stocks, mutual funds and other securities is scheduled to drop to zero -- yes, zero -- for people in the two lowest ordinary income brackets. (For higher-income taxpayers, the top long-term capital-gains rate is scheduled to remain at 15%.)"
http://online.wsj.com/article/SB116899907504178378.html?mod=pj_main_hs_coll
I am glad I voted 2X for GWB!! I just hope to remain in the bottom two brackets next year!!
It didn't make it to the law phase. Maybe next time though. I like the idea of some sort of tax savings applied to expenses related to fitness, running, etc.
.NYCer wrote:
I am glad I voted 2X for GWB!! I just hope to remain in the bottom two brackets next year!!
Well if that's your goal I think you voted for the right man
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