That's right you can get a tax break when you lose weight. How about that, but of course there are a few guidelines that need to be addressed.
Taxpayers can actually deduct the cost of weight loss programs that cost more than 7.5% of their adjusted gross income. For example, someone who makes $45,000 can deduct weight loss expenses above $3,375 from their taxes.
All programs must be recommended by your doctor, who must confirm that your current weight is a threat to your health. Approved expenses include behavioral counseling, appointments with physicians, dietitians and nutritionists, commercial programs for weight-loss and maintenance, gastric banding or bypass surgery, and FDA-approved weight-loss drugs.
Unfortunately, dietary food programs like Nutrisystem don't count. Neither does liposuction, or general membership dues for a gym, health club, or spa. However, if your gym, health club or spa features a commercial program specifically for weight loss, you can deduct enrollment fees in those specific weight loss programs. Read more about weight loss incentives on the IRS website for more details.
What can you deduct on your taxes if you itemize?
The initial fees to join a weight loss program
Additional fees to attend regular meetings (such as Weight Watchers) where people develop diet plans, receive menus and info and discuss the challenges of losing weight.
Bariatric surgery
FDA approved weight-loss drugs
Physician and hospital-based weight loss programs
Behavioral counseling
Dietitians and nutritionists
What can't you deduct?
Health club dues
Cost of home exercise equipment
Cost of diet foods, such as pre-packaged meals from Jenny Craig or NutriSystem
The cost of enrollment in a weight loss program to improve appearance, general health or sense of well-being, rather than to treat a specific medical problem associated with being overweight
Non-prescription weight loss products
Nutritional Supplements
Any costs that are covered by insurance
If you're planning on deducting your weight loss program, keep receipts and your doctor's order as back-up documentation for your taxes. You'll want to make sure that your paperwork states your physician's name and reason for treatment.
Ultimately, losing weight isn't about getting a tax deduction; it's about getting healthy and feeling great. But if knowing that you'll get money back in your pocket at tax time is extra motivation to get healthy. Here's to you losing that weight and getting a tax refund as yet another reward and to a bigger refund.
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