Gym membership tax deductible?
"Assuming its in the US: No, it is not, and such things are usually treated as ""red flags"" for audit (and no, golf club memberships are not deductible either). The food expenses are not deductible in their entirety as well, only up to 50% of the actual expense, and only if it is directly business related. From what you've described, it sounds like if you have an audit coming you'll be in trouble. The purposes and activities of a club, not its name, will determine   whether or not you can deduct the dues. You cannot deduct dues paid   to: Country clubs, Golf and athletic clubs, Airline clubs, Hotel clubs, and Clubs operated to provide meals under circumstances generally considered to be conducive to business discussions."
If your deductions are higher than the standard deduction, you will be able to subtract property taxes from your income. In your example, that means that taxes are computed based on $95,000. In 2011, the standard deduction varies between $5,800 (single filer) and $11,600 (married filing jointly). Tax credits are subtracted from your tax obligation. The most common tax credit for most people is student loan interest. If you pay $500 in student loan interest, that sum is subtracted from your tax bill. If you're determined to save money, find ways to integrate exercise into your daily routine and don't join a gym at all. This makes it more likely you'll keep it up if it is a natural part of your day. You could set aside half the money you would spend on the gym towards some of the options below. I know it's not always practical, especially in the winter, but here are a few things you could do.  One of the other answers makes a good point. Gym membership can be cost effective if you go regularly, but don't kid yourself that you'll suddenly go 5 times a week every week if you've not done much regular exercise.  If you are determined to join a gym, here are a few other things to consider. "This is the best tl;dr I could make, [original](http://www.nationalreview.com/article/452069/state-local-tax-deductions-federal-taxes-trump-tax-reform-state-income-tax-real-estate-tax-california) reduced by 90%. (I'm a bot) ***** &gt; The plan would eliminate the deductibility of state and local income taxes for federal tax purposes.  &gt; Like the mortgage-interest deduction, which the Trump plan unfortunately keeps, the deduction for state and local taxes was intended to be a benefit to the middle class, i.e., the salt-of-the-earth voters who simultaneously are strongly in favor of an active welfare state and strongly disinclined to pay for it.  &gt; Offsetting state income taxes encourages states to jack up their levies: Because some costs are passed on to the federal treasury, Sacramento can get $1 in state income-tax revenue at a real cost to California taxpayers of less than $1. That&amp;#039;s back-door tax-code welfare for big-spending Democrats.   ***** [**Extended Summary**](http://np.reddit.com/r/autotldr/comments/73pca8/a_conservative_tax_hike/) | [FAQ](http://np.reddit.com/r/autotldr/comments/31b9fm/faq_autotldr_bot/ ""Version 1.65, ~220318 tl;drs so far."") | [Feedback](http://np.reddit.com/message/compose?to=%23autotldr ""PM's and comments are monitored, constructive feedback is welcome."") | *Top* *keywords*: **state**^#1 **taxes**^#2 **federal**^#3 **tax**^#4 **income**^#5" "What kind of ""deductions"" are you talking about? Many deductions, like the standard/itemized deductions, come after the AGI, and do not affect the AGI, so I don't see how this would make any difference. Maybe you are talking about deductions that come before the AGI? If you want to increase your AGI legitimately, here's a way: Every year, itemize deductions on your federal return, and over-withhold your state income tax (assuming your state has income tax) by a lot, and/or make voluntary extra payments to your state income tax. As a result, you will get a huge refund on your state taxes the following year. Then you will need to include this refund as income on line 10 of the federal return that year, which will be included in the AGI. (Of course, you will also be able to deduct a lot of state income tax paid every year in the federal itemized deductions, but those come after the AGI.)" @JoeTaxpayer's answer outlines how to value it. Some other considerations: As I understand it, some public pensions may be tax-free if you still live in the state that is paying the pension. E.g. when a Massachusetts teacher receives pension, it is exempt from state taxes, but if that person moves to Vermont he will have to pay Vermont income tax on those payments. So if you plan to stay in the state post-retirement, this provides additional value. Pension payments aren't fully guaranteed by the PBGC. And not all pension plans are fully funded. Depending on the political and economic environment when you hit retirement, your retirement plan could suffer. (And if you aren't working, you may not have a union vote any more when the other working members are voting on contract amendments that affect pensions.) I'm not certain of all of the rules, but I hear news reports from time to time that formulas like what you've posted in the original question are changed through negotiation with the union. If you make an employment decision using the formula in year X and then the formula changes in year X+10, your expected pension payment will change. Yes, if they meet the ATO's criteria. Books, periodicals and digital information If the item cost less than $300 you can claim an immediate deduction where it satisfies all of the following requirements: http://www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/Other-deductions/Books,-periodicals-and-digital-information/ Alternatively They may be a self-education expense http://www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/Self-education-expenses/ A Further Alternative  They could fall into the tool, equipment or other asset category if they are for a professional library (this can include a home office). http://www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/Tools,-equipment-and-other-assets/ I understand this is an old question although given the dead link in the above answer and the new resources this answer might prove helpful for others coming across this question. This depends in part on who officially owns the account. Federally, 529 plan contributions are not tax-deductible, regardless of ownership.  Anyone can contribute to a 529 plan, though; the earnings of the 529 plan are tax-deferred and are tax-free if they are used for qualified educational expenses. In the state of New York, the account owner is entitled to deduct up to 10,000 (Married filing jointly) from their state taxes; however, that's limited to the account owner only.  If they're not in the state of New York, they may be able to have similar benefits from their home state; check their rules. You may have multiple accounts for one child, though, so if you and they both want to contribute for your child, that's perfectly fine. The limits are at the taxpayer level, so you can deduct $10k for all contributions to all children's accounts in sum (5k per kid if you have 2, and want to contribute equally, for example), but they can do the same. Gift tax is the other relevant thing to consider.  You can contribute $14k per year without either paying gift tax or adding it to the lifetime maximum (which is currently $1.5MM, but could change at any time either up or down).  You can also make a one-time contribution of 70k (5 years' worth) and have that amount exempt as if it were contributed over five years. For more information on all of this, see the New York 529 Page for more details. You cannot deduct expenses directly.  However, your employer may participate in programs to allow you to make a pretax deduction capped at $255 per month to pay for certain commuting expenses.  For personal car commuters the main category is to pay for parking.   IRS guidelines Qualified Transportation Benefits This exclusion applies to the following benefits. A ride in a commuter highway vehicle between the employee's home and   work place. A transit pass. Qualified parking. Qualified bicycle commuting reimbursement. You may provide an employee with any one or more of the first three   benefits at the same time. However, the exclusion for qualified   bicycle commuting reimbursement isn't available in any month the   employee receives any of the other qualified transportation benefits.