Cycling and bicycle discussion forums. 
   Click here to join our community Log in to access your Control Panel  


Go Back   > >

"The 33"-Road Bike Racing We set this forum up for our members to discuss their experiences in either pro or amateur racing, whether they are the big races, or even the small backyard races. Don't forget to update all the members with your own race results.

User Tag List

Reply
 
Thread Tools Search this Thread
Old 05-19-09, 01:51 PM   #1
bdcheung
Carpe Diem
Thread Starter
 
bdcheung's Avatar
 
Join Date: Sep 2006
Location: MABRA
Bikes: 2007 CAAD9; 2014 CAADX; PedalForce CG1
Posts: 13,147
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 1 Post(s)
Bike schwag = tax deduction?

It could happen... H.R. 2105 (currently in committee) would allow individuals to deduct up to $1,000, married couples filing jointly up to $2,000, from their tax liability for "sports and fitness expenses" (defined as amounts paid for fitness center memberships, physical exercise programs, and exercise equipment).

I've written my representative.

Quote:
Originally Posted by bdcheung
Dear Representative ****:

I am writing to encourage you to support H.R. 2105. If passed, this bill will be a substantial step forward in encouraging Americans to adopt a healthier lifestyle. I view H.R. 2105 as providing some much-needed economic incentives to personal health and fitness.

In the long run, a healthier population will reduce medical care costs and individuals' dependence on government programs. Exercise is also a family-oriented activity, bringing parents and children closer together.

I sincerely hope you will join five of your fellow republicans, and eight democrat colleagues, in sponsoring this bill. Thank you for your time.

Regards,
Brian Cheung
******, **
http://www.washingtonwatch.com/bills...1_HR_2105.html
__________________
"When you are chewing the bars at the business end of a 90 mile road race you really dont care what gear you have hanging from your bike so long as it works."
ΛΧΑ ΔΞ179 - 15% off your first Hammer Nutrition order!
bdcheung is offline   Reply With Quote
Old 05-20-09, 09:49 AM   #2
gtmandsager
Senior Member
 
Join Date: Jul 2006
Location: Arlington, VA
Bikes: Giant TCR Advanced 2
Posts: 120
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
I wrote mine too. It's nice when legislation not only benefits me personally, but is a good idea. Providing incentives to people to be more physically active is a cost-effective way to reduce the burden on health care from "lifestyle" diseases.
gtmandsager is offline   Reply With Quote
Old 05-20-09, 09:53 AM   #3
mike9903
Senior Member
 
mike9903's Avatar
 
Join Date: Jan 2006
Location: San Antonio, Texas
Bikes: 09 Orbea Orca
Posts: 1,465
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
I will also right my rep, sounds like a win-win situation.

Should we start a thread in anticipation what we are all going to but when it is finally passed?
mike9903 is offline   Reply With Quote
Old 05-20-09, 10:05 AM   #4
BMWEngineer06
Junior Member
 
Join Date: Dec 2007
Location: Greenville, SC
Bikes: None yet.
Posts: 15
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
`(D) LIMITATIONS RELATED TO SPORTS AND FITNESS EQUIPMENT- Amounts paid for equipment described in subparagraph (A)(iii) shall be treated as a qualified sports and fitness expense only--

`(i) if such equipment is utilized exclusively for participation in fitness, exercise, sport, or other physical activity programs,

`(ii) if such equipment is not apparel or footwear, and

`(iii) in the case of any item of sports equipment (other than exercise equipment), with respect to so much of the amount paid for such item as does not exceed $250.
Just keep it under $250 per item
BMWEngineer06 is offline   Reply With Quote
Old 05-20-09, 10:06 AM   #5
chrisvu05
Legs of Steel
 
chrisvu05's Avatar
 
Join Date: Jun 2005
Location: On my bike
Bikes: Pegoretti Marcelo, Cannondale six13
Posts: 1,833
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by BMWEngineer06 View Post
Just keep it under $250 per item
unless it is "exercise equipment"...i think a bike constitutes "exercise equipment"
chrisvu05 is offline   Reply With Quote
Old 05-20-09, 10:07 AM   #6
roy5000x2
WPI
 
roy5000x2's Avatar
 
Join Date: Dec 2006
Location: Worcester, MA
Bikes: 2008 Trek Madone 5.2 Pro
Posts: 1,133
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
no footwear? I could've gone for a set of Specialized shoes with custom inserts...
roy5000x2 is offline   Reply With Quote
Old 05-20-09, 10:22 AM   #7
skipmcne
CAT = 5
 
Join Date: May 2008
Location: MABRA
Bikes: 2001 Caad 5; PF RS2; Ridley Noah; Trek Fuel
Posts: 244
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
+1
skipmcne is offline   Reply With Quote
Old 05-20-09, 10:39 AM   #8
bdcheung
Carpe Diem
Thread Starter
 
bdcheung's Avatar
 
Join Date: Sep 2006
Location: MABRA
Bikes: 2007 CAAD9; 2014 CAADX; PedalForce CG1
Posts: 13,147
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 1 Post(s)
I'm not sure a bike qualifies as "exercise equipment" like a treadmill would
__________________
"When you are chewing the bars at the business end of a 90 mile road race you really dont care what gear you have hanging from your bike so long as it works."
ΛΧΑ ΔΞ179 - 15% off your first Hammer Nutrition order!
bdcheung is offline   Reply With Quote
Old 05-20-09, 10:50 AM   #9
SpongeDad
Overacting because I can
 
SpongeDad's Avatar
 
Join Date: Jan 2005
Location: The Mean Streets of Bethesda, MD
Bikes: Merlin Agilis, Trek 1500
Posts: 4,552
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by bdcheung View Post
I'm not sure a bike qualifies as "exercise equipment" like a treadmill would
If I put it on a trainer and call it a stationary bike (sure a titanium stationary bike), I'm deducting it.
__________________
“Courage is going from failure to failure without losing enthusiasm." (Churchill)

"I am a courageous cyclist." (SpongeDad)
SpongeDad is offline   Reply With Quote
Old 05-20-09, 11:07 AM   #10
CastIron
Sensible shoes.
 
CastIron's Avatar
 
Join Date: Aug 2005
Location: St. Paul,MN
Bikes: A few.
Posts: 8,799
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Let's hope this doesn't pass into the beleaguered results of the commuter tax bit. An act of God for $20/month. Sheesh.
__________________
Mike
Quote:
Originally Posted by cedricbosch View Post
It looks silly when you have quotes from other forum members in your signature. Nobody on this forum is that funny.
Quote:
Originally Posted by cedricbosch View Post
Why am I in your signature.
CastIron is offline   Reply With Quote
Old 05-20-09, 11:28 AM   #11
merlinextraligh
pan y agua
 
merlinextraligh's Avatar
 
Join Date: Aug 2005
Location: Jacksonville
Bikes: Wilier Zero 7; Merlin Extralight; Co-Motion Robusta; Schwinn Paramount; Motobecane Phantom Cross; Cervelo P2; Motebecane Ti Fly 29er; Calfee Dragonfly Tandem
Posts: 29,126
Mentioned: 1 Post(s)
Tagged: 0 Thread(s)
Quoted: 19 Post(s)
I'm not sure this is actually going to do most folks much good. The bill amends Section 213 d of the tax code to include qualified sports and fitness expenses in the definition of deductible medical expenses.

However, you can only deduct medical expenses that exceed 7.5% of your adjusted gross income.

It may be that by making qualified sports and fitness expenses meet the definition of medical expenses, you can use a flexible spending account to pay for them, which would appear to be the only way this would benefit 99% of people.
__________________
You could fall off a cliff and die.
You could get lost and die.
You could hit a tree and die.
OR YOU COULD STAY HOME AND FALL OFF THE COUCH AND DIE.
merlinextraligh is offline   Reply With Quote
Old 05-20-09, 11:34 AM   #12
bdcheung
Carpe Diem
Thread Starter
 
bdcheung's Avatar
 
Join Date: Sep 2006
Location: MABRA
Bikes: 2007 CAAD9; 2014 CAADX; PedalForce CG1
Posts: 13,147
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 1 Post(s)
Quote:
Originally Posted by merlinextraligh View Post
It may be that by making qualified sports and fitness expenses meet the definition of medical expenses, you can use a flexible spending account to pay for them, which would appear to be the only way this would benefit 99% of people.
(c) Exception for Health Savings Accounts- Subparagraph (A) of section 223(d)(2) of such Code is amended by inserting `, determined without regard to paragraph (1)(E) thereof' after `section 213(d)'.

I read that as them amending the HSA restrictions to allow for the purchase of "sports and exercise" equipment.

223 (d)(2)(A) would now read:
(A) In general
The term "qualified medical expenses" means, with respect to an account beneficiary, amounts paid by such beneficiary for medical care (as defined in section 213(d), determined without regard to paragraph (1)(E)* thereof for such individual, the spouse of such individual, and any dependent (as defined in section 152) of such individual, but only to the extent such amounts are not compensated for by insurance or otherwise.

*(1)(E): for qualified sports and fitness expenses.
__________________
"When you are chewing the bars at the business end of a 90 mile road race you really dont care what gear you have hanging from your bike so long as it works."
ΛΧΑ ΔΞ179 - 15% off your first Hammer Nutrition order!

Last edited by bdcheung; 05-20-09 at 11:39 AM.
bdcheung is offline   Reply With Quote
Old 05-20-09, 11:48 AM   #13
bostongarden
meow
 
bostongarden's Avatar
 
Join Date: Jan 2008
Location: Hint: check out my BF name
Bikes: 2011 Cannondale Super Six, Dura Ace 7800, 2007 Cannondale System Six Dura Ace 7800, 1992 Bridgestone RB-1, MB-2, MB-3, MB-5
Posts: 5,825
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by BMWEngineer06 View Post
Just keep it under $250 per item
No problem:
- top tube $249.99
- down tube $249.99
- seat tube $249.99
- outer chain ring $249.99
- left crank arm $249.99
- etc., you get the picture
bostongarden is offline   Reply With Quote
Old 05-20-09, 11:58 AM   #14
merlinextraligh
pan y agua
 
merlinextraligh's Avatar
 
Join Date: Aug 2005
Location: Jacksonville
Bikes: Wilier Zero 7; Merlin Extralight; Co-Motion Robusta; Schwinn Paramount; Motobecane Phantom Cross; Cervelo P2; Motebecane Ti Fly 29er; Calfee Dragonfly Tandem
Posts: 29,126
Mentioned: 1 Post(s)
Tagged: 0 Thread(s)
Quoted: 19 Post(s)
^^I read that as just the opposite. The bill amends the defintion of medical care expenditures for the purpose of itemized deductions to include amounts paid for qualified sports and fitness expenses in 213(d)(1)(E).

It then excludes that added definition from the term qualified medical expenses as used in 223, the Health Savings Account section.

In other words qualified sports and fitness expenses are in the definition of medical expenses for 213 (deductions, but not for 223, HSA's.

However, that still doesn't address the question of whether you can use a flexible spending account for these expenses, which is different from a Health Savings Account.
__________________
You could fall off a cliff and die.
You could get lost and die.
You could hit a tree and die.
OR YOU COULD STAY HOME AND FALL OFF THE COUCH AND DIE.
merlinextraligh is offline   Reply With Quote
Old 05-20-09, 12:00 PM   #15
bdcheung
Carpe Diem
Thread Starter
 
bdcheung's Avatar
 
Join Date: Sep 2006
Location: MABRA
Bikes: 2007 CAAD9; 2014 CAADX; PedalForce CG1
Posts: 13,147
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 1 Post(s)
I didn't realize that HSA is different and distinct from FSA. I also agree with your reading. In the end though I guess it's all moot!
__________________
"When you are chewing the bars at the business end of a 90 mile road race you really dont care what gear you have hanging from your bike so long as it works."
ΛΧΑ ΔΞ179 - 15% off your first Hammer Nutrition order!
bdcheung is offline   Reply With Quote
Old 05-20-09, 12:01 PM   #16
merlinextraligh
pan y agua
 
merlinextraligh's Avatar
 
Join Date: Aug 2005
Location: Jacksonville
Bikes: Wilier Zero 7; Merlin Extralight; Co-Motion Robusta; Schwinn Paramount; Motobecane Phantom Cross; Cervelo P2; Motebecane Ti Fly 29er; Calfee Dragonfly Tandem
Posts: 29,126
Mentioned: 1 Post(s)
Tagged: 0 Thread(s)
Quoted: 19 Post(s)
It does appear the intent of the bill is to allow you to use Flexible spending accounts for these expenses:

http://www.prweb.com/releases/2009/05/prweb2396104.htm

But again FSA's are different from HSA's.

Health Savings Accounts require you to have a high deductible policy, then you can contribute up to $5900 to an HSA, which can be used to pay qualified medical expenses, or can be allowed to grow in the HSA tax free to be used for future medical expenses. If you're maxing out your 401K you can essentially use this to supplement you retirement savings on a tax prefenced basis.

HSA's do not have to be provided through your employer.(but you have to have the high deductible policy to qualify)

FSA's are provided through your employer and allow the payment of medical expenditures on a pre tax basis. You can't accumulate money in an FSA. You have to elect how much you want to put in the FSA each year, and then you have to spend it each year on qualified expenses or lose it.
__________________
You could fall off a cliff and die.
You could get lost and die.
You could hit a tree and die.
OR YOU COULD STAY HOME AND FALL OFF THE COUCH AND DIE.

Last edited by merlinextraligh; 05-20-09 at 12:06 PM.
merlinextraligh is offline   Reply With Quote
Old 05-20-09, 12:05 PM   #17
snowman40
Senior Member
 
snowman40's Avatar
 
Join Date: Feb 2009
Location: Orange County, CA
Bikes: Fuji
Posts: 1,144
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by bostongarden View Post
No problem:
- top tube $249.99
- down tube $249.99
- seat tube $249.99
- outer chain ring $249.99
- left crank arm $249.99
- etc., you get the picture
snowman40 is offline   Reply With Quote
Old 05-20-09, 12:16 PM   #18
dsellinger
slowest!
 
dsellinger's Avatar
 
Join Date: Oct 2008
Location: NW WA
Bikes: Felt, Atala, Kona
Posts: 628
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
But my HSA wants to buy me a new bike!

hah, I've already tried talking them into allowing reimbursement for a fitting. (no dice there)
dsellinger is offline   Reply With Quote
Old 05-20-09, 12:50 PM   #19
merlinextraligh
pan y agua
 
merlinextraligh's Avatar
 
Join Date: Aug 2005
Location: Jacksonville
Bikes: Wilier Zero 7; Merlin Extralight; Co-Motion Robusta; Schwinn Paramount; Motobecane Phantom Cross; Cervelo P2; Motebecane Ti Fly 29er; Calfee Dragonfly Tandem
Posts: 29,126
Mentioned: 1 Post(s)
Tagged: 0 Thread(s)
Quoted: 19 Post(s)
^ how about a podiatrist's prescription for some new Rocket 7's?
__________________
You could fall off a cliff and die.
You could get lost and die.
You could hit a tree and die.
OR YOU COULD STAY HOME AND FALL OFF THE COUCH AND DIE.
merlinextraligh is offline   Reply With Quote
Old 05-20-09, 02:03 PM   #20
cmh
Senior Member
 
Join Date: Jul 2005
Location: Portland, OR
Bikes:
Posts: 2,515
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
I guess we all have to make sure we spend 7.5% of our income on bike stuff every year. I'll hop aboard that train.
cmh is offline   Reply With Quote
Old 05-20-09, 03:58 PM   #21
Erik B
Senior Member
 
Join Date: Aug 2007
Location: Fairbanks, AK
Bikes:
Posts: 549
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by merlinextraligh View Post
^ how about a podiatrist's prescription for some new Rocket 7's?
Depends on the plan I suppose. My wifes custom running orthotics were Ok'd by our insurance coverage. I imagine that could possible be stretched to custom shoe coverage.
Erik B is offline   Reply With Quote
Old 05-20-09, 04:07 PM   #22
dsellinger
slowest!
 
dsellinger's Avatar
 
Join Date: Oct 2008
Location: NW WA
Bikes: Felt, Atala, Kona
Posts: 628
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by Erik B View Post
Depends on the plan I suppose. My wifes custom running orthotics were Ok'd by our insurance coverage. I imagine that could possible be stretched to custom shoe coverage.
That was my point with a fitting, I got orthotics to deal with foot and leg length problems and that was over $1000 and fully covered. But to get fitted with wedges... everyone freaks out that it's not an allowable expense. Oh well something else to save up for.

Oh and just so this is clear, I'm not trying to get this covered by my insurance, I'm trying to talk my HSA plan administrator into allowing reimbursement. (It's already my money, I just have to spend it on allowable medical expenses)
dsellinger is offline   Reply With Quote
Old 05-20-09, 04:22 PM   #23
Erik B
Senior Member
 
Join Date: Aug 2007
Location: Fairbanks, AK
Bikes:
Posts: 549
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by dsellinger View Post
That was my point with a fitting, I got orthotics to deal with foot and leg length problems and that was over $1000 and fully covered. But to get fitted with wedges... everyone freaks out that it's not an allowable expense. Oh well something else to save up for.

Oh and just so this is clear, I'm not trying to get this covered by my insurance, I'm trying to talk my HSA plan administrator into allowing reimbursement. (It's already my money, I just have to spend it on allowable medical expenses)
Find someone to write the prescription for wedges. Wife's for orthotics came from our chiropractor (she's got some truly astounding running mechanics) I imagine a prescription would shut up the administrator.
Just a thought.
Erik B is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -6. The time now is 01:51 PM.