Summers coming and that means for many of us we will be endeavouring on the ever growing challenge to slim-down. If the demand of commitment and effort doesn’t trip you up, the typical rise in costs probably will.
Here is how various tax benefits can be employed to minimise the expensive costs of most weight loss strategies:
1. Claim health and medical expenses
Itemise your deductions on your 1040 form at Schedule A, Itemised Deductions.
To figure your total medical expenses, you want to include payments for the diagnosis, cure, mitigation, treatment, or prevention of disease, or payments for treatments affecting any structure or function of the body.
2. Use your FSA accountant (or other 105 Section plan)
A FSA allows you to contribute up to $2,550 of pre-tax dollars in 2016.
To take advantage of the plan, your expenses must be considered as qualified medical expenses.
3. If your employer doesn’t offer formal HRA or FSA, you can create your own.
4. Run for Charity
5. Take advantage of a gym membership offered by your employer
6. Take advantage if wellness discounts