Did you know that you may get tax deductions for sport and fitness expenses?
It is called Personal Health Investment Today act (PHIT):
Amends the Internal Revenue Code to allow a medical care tax deduction for up to $1,000 ($2,000 for a joint return or a head of household) of qualified sports and fitness expenses. Defines “qualified sports and fitness expenses” as amounts paid for fitness facility memberships, physical exercise programs, and exercise equipment.
Today with an enormous share of the workforce sitting the whole day at work, fitness of the nation is becoming a problem. According to the Mayo Clinic, research has linked sitting for long periods of time with a number of health concerns, including obesity and metabolic syndrome — a cluster of conditions that includes increased blood pressure, high blood sugar, excess body fat around the waist, and abnormal cholesterol levels. Too much sitting also seems to increase the risk of death from cardiovascular disease and cancer.
The impact of movement — even leisurely movement — can be profound. For starters, you’ll burn more calories. This might lead to weight loss and increased energy. Even better, the muscle activity needed for standing and other movement seems to trigger important processes related to the breakdown of fats and sugars within the body. When you sit, these processes stall — and your health risks increase. When you’re standing or actively moving, you kick the processes back into action.
The PHIT campaign encourages people to engage in sport activities and improve your fitness and health. And snow sports for many reasons are one of the best.
If 114th Congress will approve the bill and it will becomes the law, then athletic-related expenses would fall under the definition of health care expenses.