You’ve probably filed your taxes a number of times throughout your life.
While it sometimes can be a tedious process there is a place on your taxes where you can deduct financial losses.
Whether it be from a business or losses in an investment you can deduct a portion of your losses to reduce your total taxable income.
By reducing your taxable income you not only give yourself a chance to pay less in taxes but also the potential of getting a tax refund if you’ve overpaid after your income is adjusted.
But getting a tax refund is just a temporal transaction that happens here on earth.
In the Bible there was one man, Jesus, who bore all sin onto His account and wrote it off as a loss for our eternal gain.
As we are called to walk like Jesus in this life there are many circumstances where we are called to endure loss.
Paul states in Romans 8:28,
We know that all things work together for the good of those who love God, who are called according to his purpose.
Let us now have a renewed mind when it comes to losing things in this world.
Again, Paul sums it perfectly in Philipians 1:21 when he states:
For me, to live is Christ and to die is gain.
What losses have you suffered recently? Have you overcome them?
Frank Turner
Frank Turner is the founder of Break Bread, Break Chains and is the co-host of the following podcasts: Defund The Church, Relative Currency, Politically Entertaining, and Christ over Crypto. He is also the founder and creator of the op-ed site Fake News Syndicate.