Personal Health Investment Today (PHIT) Bill – Let’s get physical

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On Thursday, July 12, 2018, The House Ways and Means Committee passed a bill (H.R. 2167) (S. 482) allowing taxpayers to treat amounts paid for membership at a sports club facility, CrossFit gym, cardio-kickboxing studio, yoga studio or spin class as medical expenses. The bill, known as the Personal Health Investment Today (PHIT) Act enjoys broad bi-partisan support.

Taxpayers can place up to $1,000 per year for an individual or $2,000 per year for a family or joint filing couple into pre-tax medical accounts (HSA/FSA accounts) for reimbursement of physical activity expenses. There is also a $250 per purchase limit on each fitness-related expense.

For more info please visit: https://www.congress.gov/bill/115th-congress/house-bill/1267

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Published by Carlos Nazario