So one thing you may have missed on CNN (behind all the drama of other things, like seriously who is Roger Stone?!) is the passing of the PHIT Act in the lower house of congress – perhaps America’s most delayed but sensible legislation in months.
Why should be excited? Well, “this version of the PHIT Act, as a provision in H.R. 6199, would allow Americans to utilize tax-free HSA and flexible spending accounts (FSAs) to pay for select fitness expenses, such as health club memberships, youth sports fees and sports safety equipment. This would cover $500 for individuals and $1,000 for families.”
That’s right: you’ll be able to deduct your membership and gym dues as a tax write off – the same as you would do for medical expenses – up to $1,000!
The legislation will now advance to the U.S. Senate, where it needs YOUR help to pass. So please call your Senator and make sure he or she is on board. By the end of year the odds of passing into actually law are very slim!
Don’t know who your senator is? Countable is a great way of tracking the accountability or your representative. You’ll even be able to send them a handwritten letter directly from your phone when it comes time to reprimand them!