900 N. Kings Highway, Cherry Hill, New Jersey 08034
856.667.4100 · 215.563.0276 · Fax: 856.667.3652

Tax Tip of the Week
For the week of
July 22, 2002

Deduct the cost of losing weight

Did you know that trimming your waistline may trim your taxes too? The IRS recently issued guidelines on when you can treat the costs of a weight-loss program as a deductible medical expense.

In order to deduct the costs, you must join the weight-loss program to treat a specific disease such as obesity, hypertension, or diabetes, as diagnosed by a physician. Participating in a weight-loss program just because you want to look better or to improve your general health does not qualify.

Deductible expenses include program fees and costs of attending meetings, instruction books, and diet and exercise plans. Of course, any costs that are covered by insurance or otherwise reimbursed are not deductible. You can deduct the costs as itemized medical deductions to the extent that they exceed 7.5% of your adjusted gross income.

The IRS specifically stated that you cannot deduct the cost of diet foods. Because this food replaces your normal food purchases, it does not qualify as a medical expense.

Although the ruling was issued in April 2002, it applies retroactively. You can claim qualifying expenses for any of the last three years by filing an amended return. Contact our office if you would like details or assistance.

Prior Tax TipsClick here to view previous tax tips.

"Tax Tips" are published weekly to provide useful tax information. Return to this site every week for helpful tax-cutting suggestions, tax reminders, and current tax information.

The information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.

If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax-cutting information from time to time, please contact our office. We're here to help.

Home

 
  untitled

This site designed and maintained by the Information Technology experts at Alloy, Silverstein, Shapiro, Adams, Mulford, Cicalese, Wilson & Co.

We appreciate comments concerning our website. Contact our webmaster .