|
Tax Deduction For Weight Loss Program?
There could be a tax deduction for your weight loss program
|
|
Rev
Up Your Fat Burning Furnace
Discover a weight loss program that will give you more strength,
help you slim down and have much more energy because it turns
on your "Fat Burning Furnace". Click
here now.
Tax Deduction And Your Weight Loss Plan
As of April 2002, the Internal Revenue Service recognized
some weight loss expenses as tax deductible under medical
expenses. Dieting can be expensive, especially if you join a
weight loss program or purchase special foods.
According to that ruling "Uncompensated amounts paid by
individuals for participation in a weight-loss program
as treatment for a specific disease or diseases (including obesity)
diagnosed by a physician are expenses for medical care that are
deductible under § 213, subject to the limitations of that
section." (IRS Ruling, April 2, 2002)
What does this mean to the average taxpayer? It means that the
cost of weight loss program recommended by your
physician for the treatment of obesity, or conditions related
to obesity MAY be able to be counted as a tax deduction.
Who can deduct weight loss programs on their taxes?
In order to deduct the cost of your weight loss program under
the 2002 ruling, you must itemize deductions on your taxes.
You can deduct the costs of weight loss treatment IF they are
not reimbursed. In addition, you can only deduct expenses that
exceed 7.5% of your adjusted gross annual income.
Can I have a deduction on my weight loss program if I'm not medically
obese?
You may be able to deduct expenses even if you're not diagnosed
as medically obese. If your doctor has recommended weight loss
as a treatment for weight-related diseases such as hypertension,
type 2 diabetes, high cholesterol or heart disease, you might
be eligible.
What kinds of weight loss expenses are can be a tax deduction?
You can deduct doctor-recommended treatments that are specific
to weight loss and maintenance. Those include, but aren't
necessarily limited to: bariatric surgery (stomach stapling or
gastric bypass), FDA approved weight loss drugs, hospital based
programs, nutritionists, dieticians, behavioral modification
programs, exercise programs and even some commercial weight loss
programs like Weight Watchers and Jenny Craig.
What can't I deduct from my taxes?
Not allowed are: health club dues, nutritional supplements, over
the counter appetite suppressants, low fat foods, and exercise
equipment.
Liposuction is also not included as it is regarded as cosmetic
surgery.
Can I still deduct the expenses if I didn't lose weight?
Yes. You don't need to show an improvement in your condition
in order to deduct the costs.
So you may be able to get a tax deduction on your weight loss
plan.
Good news indeed.
__________________________
Article by Jeannie Crabtree. Visit her site for weight
loss diets, weight
loss plans and exercise
equipment.
Back To Weight Loss Tips |
