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Have you recently decided to change a few things in your life only to discover it’s a really expensive decision to make right now? In these times weight loss and stop smoking programs are tough to pay for. The thing you probably didn’t know about is a little known tax credit that is available to those of us who decide to lose weight or stop smoking.

You probably already know that almost none of the insurance providers out there will cover the cost that comes with these type of programs. They should because it would save money they will be out later down the road covering the long term health effects, but yet they won’t.

The IRS recognized this problem and passed laws in 2003 to allow people to claim a tax credit on the money they have paid out of pocket for weight loss and smoking cessation programs.

Keep in mind this is a tax credit and not a tax deduction. This means that you will get 100% credit on the amount spent for the program you participated in.

Your medical expenses related to a smoking cessation program can also be included. Everything except aids that didn’t require a prescription, like nicotine gum and patches, can be included on your return.

If you are claiming a tax credit for weight loss the medical expenses you paid for the treatment of diseases related to your weight can be included. They must be diagnosed by a doctor as related however. A few examples included diabetes, heart disease and obesity. Your membership fees to take part in weight reduction programs and meetings can also be included. Things like gym memberships can not however, but you can list them as separate fees related to your weight loss if you want.

If you want to claim this credit on your next tax return you will need to fill out Form 8885 and attach it to your Form 1040. You can not use 1040A or 1040EZ for this. On your 1040 you will need to report your intent to claim this credit on line 67 as well as check the box in that area labeled C.

Additionally, you must also attach the invoices and payments proofs you included on the Form 8885 as things you did not get advanced payment for. For e-filed returns you can attach these documents to Form 8543. Proof of payment can be anything from a pay stub, check from your bank account or a bank statement showing premiums that are automatically deducted from your account.

At Oduox you will discover all kinds of tax information that will truly help you get your finances in order.