You May Get 100% I.R.S. Tax Credit for your Weight Loss and/or Smoking Cessation Hypnotherapy Program.
Tax laws passed for 2003 on-wards mean you can get a tax credit of your out-of-pocket expense for tobacco cessation–cigarettes, pipe, cigar and chewing tobacco.
You can also be receive 100% Tax Credit for out-of-pocket expense for weight loss programs if you were advised by a physician to lose weight.
This is a tax credit – not a tax deduction, so that means 100% credit for your out-of-pocket expenses!
The information below is presented as a courtesy The Hamptons Method and is referenced from pages 12 and 15 of IRS Publication 502 year 2003.
Stop-Tobacco Use Programs:
You can include in medical expenses amounts you pay for a program to stop tobacco use. However, you cannot include in medical expenses amounts you pay for drugs that do not require a prescription, such as nicotine gum or patches that are designed to assist you to stop a tobacco habit.
Weight-Loss Programs:
You can include in medical expenses amounts you pay to lose weight if it is a treatment for a specific disease diagnosed by a physician (such as obesity, hypertension, diabetes or heart disease). This includes fees you pay for membership in a weight reduction group and attendance at periodic meetings. You cannot include membership dues in a gym, health club, or spa as medical expenses, but you can include separate fees charged there for weight loss activities.
Please check with your accountant or tax professional for further information.
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