For those who go to join a gym to lose weight, here’s one Q&A that would be of interest.
FROM THE ARTICLE....
Q: My doctor said that I need to lose weight. Can I deduct my gym membership?
A: In theory, some weight-loss-related expenses are deductible. In practice, deducting them is tough, say tax experts.
You only qualify if you need to lose weight because of a specific, doctor-diagnosed disease, says Gil Charney, principal tax research analyst at the Tax Institute at H&R Block HRB -0.46% .
The only costs that would then qualify as medical expenses would have to be specific to your weight-loss regimen. So a so-called general-use item, such as a gym membership, wouldn’t pass muster, but a specific weight-loss program would, he says.
Again, you can only deduct medical expenses once they exceed 7.5% of your adjusted gross income for 2012.
We seriously need a flat tax. 18 percent for all...no paperwork and no refunds. All these stupid rules for what? Nothing. I wonder if ANYONE does an accurate Tax assessment anymore. Most people probably get ripped off and pay more than they are supposed to.
That should be a breeze for a lot of folks after ObamaCare kicks into high gear.