The rise of obesity in the U.S. has cause health costs to sore. Due to these rising costs in health insurance the government is willing to give tax payers a break when it comes to weight loss. This tax break only pertains to people who have medical issues that are affected by weight such as diabetes, heart conditions, and even obesity.
Medical costs for obesity related diseases has sored to an all time high of $150 billion dollars. “To put that in perspective, nearly one out of every ten dollars spent on medical care goes to treat health complications of obesity and secondary conditions (source).”
Here is what the Turbo Taxes Blog says you can and can’t deduct when it comes to weight loss.
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
Apparently, these deductions have been available since 2002. However, I don’t know many people who have taken advantage of this tax break. Heck, I don’t think many people in the fitness industry even know about this option. So you tell us … does this deduction give you more incentive to get healthy?? If the government is willing to help you; are you willing to help yourself?
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