Tax Write-Off for Weight Loss?
Potential Tax Savings
Having the Lap Band procedure may entitle you to receive thousands in potential tax savings and tax write-offs. The IRS recently stated that individuals can deduct medical and dental expenses if they total more than 7.5 percent of your adjusted gross income (IRS Publication 502, p. 2).
- Adjusted gross income is your total income less a few very specific deductions.
- Medical expenses may include fees paid to doctors, payments for hospital services, prescription drug costs, physician co-pays and the cost of participating in a weight-loss aftercare program for obesity or any other medical condition defined by Publication 502.
- Speak with your tax advisor or read the IRS publication for more information on this money-saving option.
To learn more about weight loss surgery, schedule your free individual consultation now. To learn more about the lap band procedure visit our getting started guide now.
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