Planning on Losing Weight? You Could Possibly Write the Expenses off Your Taxes

For many, there is always a New Year’s resolution that makes it to the list: getting fit and eating healthier. Whether we pig out on specific days or want to eat better overall, starting that journey and staying healthy is easier said than done. Time, money, and commitment are extremely important factors in being truly successful if you want to lose weight and keep it off.

There is a way of claiming medical and health expenses as long as you itemize your deductions with a 1040 form, at Schedule A. Only 30% of taxpayers that advantage of it. You can only deduct the amount of your total medical charges that exceed a tenth of your AGI, adjusted growth income, or 7.5% should you are your spouse be sixty-five years of age and up.

Let’s say your total medical expenses are five grand in a calendar year. If your AGI…

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