By Amy E. Feldman
PHILADELPHIA (CBS) - How do you turn fat reduction into a fat deduction?
After Paula Deen revealed that she had type 2 diabetes, she went on a weight loss regimen and lost 30 pounds in 2012. In 2013, she may also lose something else – a part of her tax bill.
The IRS issued a ruling that states that if your physician determines that you are obese and then prescribes a weight loss program, the fees for the weight loss program are deductible medical expenses for tax purposes.
Now a weight loss program is distinguished from membership dues for a health club. Membership dues are not deductible. A fee for a specific weight loss program is. But if you succeed in losing weight, at some point the program fee is no longer deductible. This is because medical expenses for a specific illness are deductible, but expenses for maintaining health are not.
I guess it’s the government’s way of preventing people from being BOTH too rich and too thin!