H&R Block has good financial news for people who lost weight in 2005
Respected and industry-leading tax preparation company H&R Block created a web site to help people navigate through the sometimes hectic world of income taxes. What can you deduct, how much of a deduction can you take, is this or that eligible for inclusion on the paperwork? It can all be very confusing.
That's why they created the National Tax Advice Day web site as a service to the millions of Americans who need all the help they can get with their taxes. I came across this page which has good news for people following a weight loss program.
In an article entitled "Lose Weight, Fatten Your Wallet," H&R Block reminds the millions of people who began a weight loss program in 2005 that they can deduct the cost of their diet program as a "medical expense" on this year's taxes.
Did you know this? It's GREAT NEWS for anyone who has shelled out some cash to help them shed some pounds. But there is a catch and I'll explain how it works.
In order to be eligible for the deduction, you MUST be diagnosed by a doctor as being "obese," whether you have any health problems associated with it or not. But even if you are not obese and your doctor urges you to begin a weight-loss program to control a weight-related disease such as high blood pressure, high cholesterol, or diabetes, then you are allowed to claim the deduction on your taxes.
The specific deduction includes any fees associated with a weight loss program, including meetings and materials not covered by medical insurance. Even health club and gym membership fees can be deductible if they are used as part of a weight-loss plan.
However, special diet foods cannot be deducted from your taxes because the IRS concludes they are simply replacing the old foods you used to eat.
Please consult with your local H&R Block office regarding the specifics of this important new deduction.
See, aren't you glad you started losing weight in 2005? Even if you haven't gotten started yet, then how about if you GET STARTED NOW so you can deduct your weight loss expenses off your 2006 taxes? You can lose weight and get a tax break, too! Livin' la vida low-carb has NEVER been better! And you can even deduct the cost of my book! :)