Is Personal Training Tax Deductible
Is Personal Training Tax Deductible
Is Personal training tax-deductible and do some Insurance Companies cover Personal Training Costs
Obesity has grown to epic proportions now that we’re staying home more often due to the pandemic. Most of the U.S population is becoming overweight. According to statistics in 2021, over 70% of Americans adults are either overweight or obese. In 2019, obesity was responsible for closer to 10 percent of medical costs which is nearly $86 billion a year. Spending money on obesity-related conditions accounted for an estimated 8.5 percent of Medicare spending, 11.8 percent of Medicaid spending, and 12.9 percent of private-payer spending.
Obesity doesn’t just have a physical impact on your body but it has a psychological impact as well. The rise of fitness has skyrocketed and some Americans are taking full advantage of this new wave of health and wellness. Saving money can make everyone happy. Once you learn the trick to handle the basics you can claim deductions also known as tax write-offs. Taxes is the most annoying word for many of us. You must know what you can claim or not. There are different ways to simplify the process.
As a client, you may be able to deduct part of the costs as a qualified medical expense. You must take advantage of strategic tax deductions and potentially save a lot of money.
Creating a plan with your doctor, tax preparer and personal trainer is the best way to roll out the plan and take control. The first thing you need to do is save all the receipts or keep a copy of the
6 or 12 month agreement that you signed up with to give to your tax preparer.
You can write off your personal training sessions if medically necessary. The purpose to claim medical care expenses is to lessen the chances of physical injuries. If you are obese, have heart disease, high blood pressure, high cholesterol, diabetes, or hypertension to name a few then you can possibly claim this on your taxes. If you qualify for IRS medical expense deduction you should consult your medical practitioner to write you a fitness prescription.
It will display your hours of working out spent with a certified personal trainer as a medical expense that you pay to lose weight or to treat a disease that has been diagnosed by your physician.
A gym membership is considered cosmetic while working with a certified personal trainer for weight reduction is considered weight loss management. You can also count fees charged for weight reduction activities such as personal training or nutritional consultations by a certified personal fitness trainer as well. Just make sure to save all the receipts and keep a copy of the agreement that you signed up with to give to your tax preparer.
Now when it comes to health insurance coverage you may be eligible for a flexible spending account, a health savings account or a health reimbursement through your insurance company. How it works is your doctor would write you a letter of medical necessity to your insurance company. If you’ve never seen a letter of medical necessity look in the description link below and you will see an example letter that you would send to your doctor.
Health insurance companies like Aetna, Blue Cross Blue Shield and CareFirst have policies in place that can help you.
Medical necessity by insurance companies is defined by a service that is considered medically necessary if the service prevents the onset of illness conditions or disability reduces the physical, mental or developmental effects of an illness. Conditions such as asthma, sleep apnea, cancer, depression, fatty liver disease, fibromyalgia, gallbladder disease, gallstones, high blood pressure, high cholesterol, high triglycerides, kidney disease, gout, liposuction, restless leg syndrome, osteoarthritis, osteoporosis, and type two diabetes etc.
Please be sure to check with tax professionals to determine which deduction applies to you and carefully follow the relevant IRS regulations and guidelines to reduce the risk of an audit.
Check with your doctor and health insurance to see if you're eligible for their programs.
Also if you would like to reach your fitness goals faster and not have to constantly think about researching workouts and nutrition online, then go to supermebodytraining.comand start with a transformation session where you’ll find a customized workout plan, meal guidance and an accountability coach.