Tax Refunds for Your Bariatric Surgery
Bariatric Surgery in Los Angeles, California
Depending on the specifics of your procedure, you may be entitled to receive a tax refund for your bariatric surgery. In some cases, this can amount to thousands of dollars in potential tax savings. You might want to think of this as a discount on your procedure.
Tax Refund Eligibility for Bariatric Procedures
The IRS website provides detailed information regarding tax refund eligibility for medical procedures. However, you should also consult your accountant to ensure that you are meeting the guidelines put forth by the IRS.
In general, you may be eligible to receive a tax deduction for medical expenses associated with your bariatric procedure totaling more than 7.5% of your adjusted gross income (AGI). Deductable expenses include:
- Diagnosis
- Cure
- Mitigation
- Treatment
- Prevention
- Medical equipment and supplies
- Insurance premiums used to cover the cost of your procedure
- Transportation costs
You can only receive a refund on medical expenses paid during the current calendar year. Therefore, if your procedure was performed last year but you paid for it this year, you can deduct the expenses from this year’s tax returns.
At your initial consultation, Los Angeles bariatric surgeon Dr. Carson Liu and his staff will review these details with you to advise you regarding eligibility for this important IRS program. However, our advice is no substitute for speaking with an experienced accountant who is familiar with federal tax laws.
Please contact our Los Angeles, California bariatric surgeon today to schedule your initial consultation.
