It is that time of year again. Tax season. As April 15 quickly approaches, you may be scrambling to get your tax documents in order. If you or a loved one is hearing impaired, there may be a pleasant surprise waiting for you. Hearing aids are tax deductible! The good news does not stop there. Hearing aid batteries, charges for office visits, adjustments, repairs, and amplified telephones may qualify as well. Even a donation of old hearing aids to a recognized organization may lead to a tax break.
According to the IRS, you may deduct expenses you paid for medical and dental care for yourself, your spouse, and your dependents. These expenses include payments for the diagnosis, cure, mitigation, treatment, or prevention of disease, or any fees for medication that affects the structure or function of the body.
You must itemize medical expenses, and this includes those expenses associated with hearing aids. Please be aware that if you are under 65 years of age, you must spend more than 10% of your income on medical costs. If you are over 65 years of age, this drops to 7.5%. However, according to new tax law, all taxpayers may write off health care expenses that exceed 7.5% of their income over the course of the next two years. Costs related to hearing aids that are tax deductible include:
Be sure to do your homework. What you think is a medical expense may dramatically differ from the definition used by the IRS. Keep in mind that medical expenses must be costs associated with the prevention or alleviation of physical or mental disease. These deductions do not include vitamins and vacations! Try claiming your expenses as a tax deduction when you itemize your deductions. This method is how the vast majority of people will write off their expenses. You must use Schedule A of Form 1040. To claim the medical expense deduction, you must itemize your deductions. Only claim this deduction if it is higher than the standard deduction. Here is how you do it:
Everyone dreads the headaches associated with paying taxes. However, by investing research and time, you might be able to save some of your income. Moreover, with the new tax law, there has never been a better time than now to deduct those medical expenses. So if you wear hearing aids, itemize your expenses. You might be able to deduct those costs this year.