I.R.S. Tax Credit for Hypnosis?
You Can Get 100% Reimbursement for your Weight Loss and/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 smoking programs.
You can also be reimbursed 100% for weight loss programs if you were advised
by a physician to lose weight.
This is a tax credit - not a tax deduction, so that means 100% credit on your
taxes!
The information below is presented as a courtesy from Academy of NLP & Hypnosis
and is quoted from pages 12 and 15 of IRS Publication 502 year 2003.
Stop-Smoking Programs
You can include in medical expenses amounts you pay for a program to stop smoking.
However, 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.
Weight-Loss Programs
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.
You must attach invoices and proof of payment for any amounts you include on
line 2 of Form 8885 for which you did not receive an advance payment. If you file
your return electronically, attach the invoices and proof of payment to your Form
8453. Proof of payment may include a pay stub if insurance is through a spouse's
employment, a bank check, or bank statement for premiums that are automatically
deducted from your account.
If you claim this credit, you cannot take the same expenses that you use to figure
your health coverage tax credit into account in determining your:
Medical and dental expenses on Schedule A (Form 1040)
Self-employed health insurance deduction, or
Archer Medical Savings Account (MSA) distributions.
Check it out for yourself: http://www.irs.gov/publications/p502/ar02.html#dOe2023
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ATTENTION: CONNECTICUT SMOKERS!
YOU COULD SAVE A LIFE!!!!
PLEASE READ AND ACT ON THESE FACTS YOU SHOULD KNOW.
1. One out of three high school seniors is a cigarette smoker and more kids get hooked every day.
2. Connecticut youth smoke at a higher rate and start smoking at an earlier age than their peers across the country. Nationally the starting age is 14. In Connecticut it is 11. Nationally 18% of 8th Graders smoke, in CT it is 27%. If current trends continue, 56,000 CT children alive today will eventually die from smoking.
3. Cigarette smoking is the most important preventable cause of premature death in the United States. It accounts for about 430,700 deaths each year.
4. Cigarette smoking is a major cause of coronary heart disease, which leads to heart attack and an important risk factor for stroke.
5. Secondhand, or environmental tobacco smoke, has been classified by the EPA as a known human carcinogen. It is estimated that at least 513,000 nonsmokers die annually from diseases caused by secondhand smoke. Constant exposure to environmental tobacco smoke nearly doubles the risk of having a heart attack.
In 1992 the American Heart Association’s Council on Cardiopulmonary and Critical Care concluded that environmental tobacco smoke is a major preventable cause of cardiovascular disease and death.
