I
n an election year, it’s highly
unusual to see anyone coming
together for a common cause in
politics. But the Personal Health
Investment Today Act of 2015
– commonly called the PHIT Act – has
united 50 co-sponsors equally across the
parties, making it a truly bipartisan bill
designed to improve health for United
States citizens.
In summary, the PHIT Act offers
tax incentives for individuals to invest
in their health. It allows for an up to
$1,000 ($2,000 for joint returns or head of
household) medical care tax deduction for
qualified sports and fitness expenses, such
as the cost of a gym membership, participation in physical activities or for exercise
equipment used in the home. If enacted,
the act would also allow people to pay
for these types of expenses using pre-tax
medical savings accounts like FSAs and
HSAs.
“I got into the fitness industry, and
ultimately Planet Fitness®, because I
believe exercise is an important part of a
healthy lifestyle,” said Brandon Sebald,
The PHIT Act could
save the average American
anywhere from 25 to 45
percent on the costs of
physical activity, exercise
programs and related
expenses, like equipment,
depending on the individual’s income tax bracket.
BEB Fitness Inc. franchise owner. “On
a bigger stage, [healthier lifestyles are]
a factor in the success of our country,
where obesity and disease are triggering
a ballooning medical problem that we
need to do something about. So, when I
heard about the PHIT Act and read into
the details, it was in line with my mission
of helping people
afford to make exercise a part of their
lives.”
Under existing
tax code, Americans
predominantly use
by Kelly Bingham
pre-tax medical
savings for treatment and detection of illnesses, such as
prescriptions, doctor visits, exams and
screenings. The PHIT Act would allow
these individuals to use those pre-tax
dollars for prevention of illness and
disease through healthy activities like
working out at the gym, taking a fitness
class, registering for a road race, enrolling
their children in physical activities (e.g.,
gymnastics, soccer, etc.) or purchasing
fitness equipment for their homes.
The PHIT Act could save the average
American anywhere from 25 to 45 percent
on the costs of physical activity, exercise programs and related expenses, like
equipment, depending on the individual’s
income tax bracket.
Continued on page 46
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GearedUp | 2016 Issue 2
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Carolyn Collins | 617-641-9285
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45