Self pay and Taxes

Hi All Please remember that as Tax time rolls around our Self Pay surgeries are tax deductable! IRS passed a bill recognizing the expenses incurred for weight loss... check with your tax person on the restrictions I looked it up on the net but it got to technical for me... but as I undestand it the surgery costs and related costs can be deducted on the taxes! We will take whats we can get! Angel

I'm NOT a CPA or tax professional, but it is my understanding from my CPA that any medical expenses that are not covered by insurance and exceed 7.5% of your adjusted gross income can be deducted on your income taxes. Therefore, if you were self pay and paid $20,000, as long as your adjust gross income is less than roughly $260K, you can deduct your $20,000. Also, for folks that had partial insurance coverage, it's worth tracking all of your expenses as you still may be able to get to the 7.5% threshold and deduct your co-pays. Just think, the extra tax refund can help fund parts of the new wardrobe.

Angel, Any tax software program can help you with this deduction, by asking you very specific questions. Jennifer's posting was not accurate. The allowed deduction is for amounts that exceed your adjusted gross income by 7.5%. Example: if your adjusted gross income was $25,000 last year, you can deduct all costs that exceed $1,875. Don't forget to include the cost of prescriptions and transportation cost to all appointment including all doctor visits. This is all included under Topic 502 Medical and Dental Expenses, under www.irs.gov. I'm NOT an expert, however, I do have lots of experience preparing tax retuns. I also have degrees in finance and accounting, but got degrees years ago, and laws change FREQUENTLY! Good luck! Tammy