January 4 – U.S. – Federal Government Gives 100% Tax Credit for Smoke Cessation and Weight Loss. Whether you want to lose weight, quit smoking or improve your finances, the federal government offers lots of help with New Year’s resolutions through different tax credits.
Dorothy M. Neddermeyer, PhD, Metaphysician – Hypnosis Practitioner with 30+ years experience offers a FREE 15 minute phone consultation on her services to answer your questions. She conducts hypnosis sessions face-to-face or phone (Skype) www.drdorothy.net
“You Can Get 100% reimbursement for Weight Loss or Smoking Cessation Hypnotherapy Programs with an I.R.S. Tax Credit. Tax laws passed for 2003 onwards mean you can get a tax credit that reimburses you 100% for money paid for Smoke Cessation programs. You can also be reimbursed 100% for weight loss programs if you were advised by a physician to lose weight,” Dr. Neddermeyer, stated.
The information below is presented as a courtesy from Genesis Consultants Inc. and is quoted from pages 12 and 15 of IRS Publication 502 year 2003.
You can include in medical expenses amounts you pay for a program to stop smoking. 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 help stop smoking.
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.
How to Report
To claim the credit, complete Form 8885, Health Coverage Tax Credit, and attach it to your Form 1040 or Form 1040NR. Report the credit on Form 1040, line 67, or Form 1040NR, line 62, and check box c. You cannot claim the credit on Form 1040A or Form 1040EZ.
Dorothy M. Neddermeyer, PhD, Metaphysician – Certified Hypnosis and Regression Practitioner, Author and Speaker. Dr. Dorothy facilitates clearing baggage, fears and limiting beliefs. Then, you can live the life you desire.She brings awareness to concepts not typically obvious to one’s daily thoughts and feelings. http://www.gen-assist.com