Using Before-Tax Dollars on Your Health
Defining FSA and HSA
- A Health Savings Account (HSA) is a tax-advantaged account to help people save for medical expenses that high-deductible health plans don't cover.
- An HSA, owned by an employee, can be funded by the employee and the employer.
- The contributions are invested over time and can be used to pay for qualified medical expenses.
- An FSA is a type of savings account that allows employees to contribute a portion of their regular earnings to pay for qualified expenses.
- Funds contributed to the account are deducted from your earnings before they are made subject to payroll taxes.
- The money in an FSA must be used by the end of the plan year, but employers can offer a grace period of up to two-and-a-half months, through March 15 of the following year.
Are Personal Training Sessions tax-deductible?
First of all, a disclaimer: I am not giving you financial or tax advice. Speak to your trusted CPA about this before making any decisions
I have blogged about this in the past, but I will post the quote from the IRS website below:
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, or heart disease). This includes fees you pay for membership in a weight reduction group as well as fees for 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.
Does Rockville Personal Training LLC accept FSA/HSA?
We do! When creating a health business, you simply elect to have a code stating that you would like to be a participant. Please check with your individual plans for any restrictions. I can definitely say that HSA and FSA cards work on our system!
Comments
Post a Comment