Get Fit & Get a Tax Deduction

How would you like to write off your fitness expenses at the end of each tax year? The new PHIT Act, which was introduced to the US House of Representatives last spring, intends to revise the IRS code so individuals and couples can deduct fitness-related expenses from their tax returns.

PHIT stands for the Personal Health Investment Today Act and (if passed into legislation) could allow for a $1 000 deduction for individuals and a $2 000 deduction for couples who file jointly.

Expenses that would be covered include “youth camp and physical activity fees, membership and dues in a health club, exercise/fitness classes or instruction (personal trainer), sports league fees (adult and youth), marathon/triathlon registration fees and equipment used exclusively for participation in physical exercise/activities”.

Expenses that would not be covered are those “incurred from private clubs owned and operated by members, clubs offering golf, hunting, sailing and horseback riding activities, apparel and footwear not used exclusively for physical activity and travel and accommodation expenses associated with participation in physical activity”.

If you’d like the PHIT Act or HR 2105 instated, contact your relevant congressman and voice your support.

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