Yes, hearing aids are tax-deductible. According to the Internal Revenue Service, the taxpayers can deduct various kinds of medical expenses. It includes hearing aid also. Turbo tax, a popular tax preparation software, also ensure that hearing aids are tax-deductible. Even the hearing aid batteries are tax-deductible.
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According to IRS, in addition to the price of hearing aid one can deduct for the doctor’s visit, hearing test, repairing of hearing aid are also tax-deductible. You may also receive a tax deduction when you donate your old hearing aids to a qualified organization.
Deduct or not to deduct tax
Firstly, decide whether you will itemize your medical expenses or not. If you are not ready to itemize your deductions, then you will be unable to take advantage of this savings.
However, if you have significant medical expenses, then it is worth for you or your family to do so this year. For the next two years, if you disburse more than 7.5% of your income on medical expenses than you can deduct medical costs from your insurance. Earlier the threshold was 10 years.
Some years, itemizing can make you more sensitive than others. If you have invested in hearing aids and moreover medical expenses, like a hospital stay or surgery where you paid some portion of the cost, this may be the right year for deducting these expenses.
Things to keep in mind while considering hearing aids as a tax deduction
Many of us, doing taxes can be confusing. Here are a few tips:
- While itemizing your taxes, use Form 1040 Schedule A – Itemized Deductions.
- The IRS provides us with the Interactive Tax Assistant online tool to help you out what expenses are deductible.
- Most importantly remember to keep all your receipts!
If you are looking to upgrade or a first time hearing aid wearer, remember to save your previous year receipts because before you will need them for next year’s filling. If you know you will have important medical expenses coming soon, this might be a good year to spring for the latest technological advances.