FITNESS AND FINANCE: IS YOUR LIT STRENGTH MACHINE TAX DEDUCTIBLE?

FITNESS AND FINANCE: IS YOUR LIT STRENGTH MACHINE TAX DEDUCTIBLE?

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A variety of medical conditions, including chronic pain, consistently plague the everyday lives of Americans. Dr. Robert Jason Yong, the author of a new National Health Interview Survey study says that chronic pain “is the No. 1 reason why patients see a doctor” — and that this study “has come closer than any other to understanding just how common and devastating chronic pain is in America.”

LIT’s mission is to change the way people approach fitness, and to ultimately counter this pervasive problem with a sustainable, low impact way of life. We spent years prototyping a machine designed to address the full life cycle of pain and to be the ultimate companion for those suffering from chronic injury — which, as it turns out, is at least 1 in 5 of us.

Dr. Yong says, “Given the overall scale and impact of pain on Americans, we see that a multimodal, multidisciplinary approach to treating pain is even more important than what we have been emphasizing over the past few decades.”

We couldn’t agree more and accordingly, we have introduced he LIT Strength Machine as not just a helpful tool for recovery and rehabilitation, but an all-in-one setup for a variety of Low Impact Training exercise programs that offer pain prevention management during every stage of a person’s life and provide a long term strategy for strengthening your body.

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CONSULT A TAX EXPERT

Because the LIT Strength Machine is designed for injury treatment and prevention, if you are using the equipment for your medical care, you may be able to deduct some or part of the expense of your LIT Strength Machine on your tax returns.

Before filing your taxes, make sure to explore whether your LIT Strength Machine is tax deductible. You can begin by reviewing IRS Publication 502 to find a list of qualifying needs and medical conditions.

Please consult a CPA or tax expert prior to claiming any such deduction or if you have any questions about whether or not your LIT Strength Machine is tax deductible.

 
IRS MEDICAL TAX DEDUCTION

Your physician may recommend exercise for intermittent or ongoing treatment of a variety of medical conditions. In the event that Low Impact Training is a prescribed treatment by your doctor, you may be able to deduct the expense, or part of the expense, of your LIT Strength Machine on your tax return.

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Again, please consult a CPA or tax expert on the details of your eligibility and whether you are permitted to deduct all or a portion of your purchase of the LIT Strength Machine.

DOCUMENTING PURCHASE OF THE LIT STRENGTH MACHINE AND USAGE

For full documentation and support when filling out paperwork for the IRS, please make sure to obtain in writing the Low Impact Training and LIT Strength Machine for medical necessity from your doctor.

During an audit, you may be required to produce evidence of a doctor’s order.

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