For thousands of years people have understood the benefits of massage therapy. In fact cultures as far back as Egypt have employed massage to help ease pain. Modern scientists continue to study these effects and the research is still coming out on many of the unknown benefits of therapeutic massage.
Such benefit as helping with weight loss, reducing stress secreting hormones, reduced high blood pressure, easing pain during cancer treatment, increase body weight on newborn babies, sports injury rehabilitation and many more finding are being published in prestigious medical journals including the New England Journal of Medicine. What is not widely known is that massage therapy can also reduce your tax burden.
The reason that massage therapy is not widely known as a line item to reduce your tax burden has three funny yet tragic reasons. Tragic because your hard earned money has been left of the table for your government to possibly misuse it. The three reasons are:
1. 90% of the population is employed and not self employed
2. The government has not mobilized sufficient resources to spread the word about the tax benefits
3. The Certified Public Accountant (CPA) test spend very little time on the tax code for home businesses
From the above reasons I suspect that you have gathered that the largest tax benefits in the tax code for most American lies in the home business ownership. This fact has been overlooked by the general media and you can be assured that your elected official is not promoting it as much for whatever reason.
The fact of the matter is that massage therapy and Acupuncture can be a tax deduction if you qualify as a home business owner. If your activities can be looked at by IRS as money seeking activities, then you can qualify your next massage session as a tax deduction. But where do you start and what are the criteria for having a home business.
Generally there are four things that you have to achieve:
1. Keep good records
2. Be seeking a profit
3. The home office has to be located in your home or where you sleep
4. A designated place in your home must be selected.
If you are looking for all the requirements go to www.homebusinesstaxsavings.com and order the book Home Business Tax Savings by Dr Ronald R. Mueller
So after you have the book in your hand what home business should you start?
Well that is a large question to answer because there are so many choices. I like to narrow my list based on what I would like to do and what is the simplest to operate. Generally Network Marketing businesses are the simplest to operate because most of the hard work of starting a home business has already been done for you including the website, distribution center, marketing, and training. You need only plug into the system they created.
The second criteria is what do you like to pay for? For example if you like to pay for cosmetic you would have no problem starting a Mary Kay or Avon business. However if you like to travel and who doesn’t, you would love Coastal Freedom for two reason. One you will more than likely always want to travel at a deep discount and two, just about every trip you take that has a business entity to it can also be a tax deduction. Talk about a double bonus.
Massage Therapy is good for you and your family and according to Uncle Sam is another reason to improve your personal economy. You need only put a few key steps in place and you will increase your health as well as the strength of your pocket. To learn more about our latest (IRS approved) travel adventures or health and wellness benefits you can easily incorporate, please schedule a wellness evaluation with 6th Sense Health and Wellness Center today.
By Nike Roach, MS, LMBT