Did you know that hearing aids are in fact tax deductible on your annual taxes when itemizing deductions? Not only are the hearing aids tax deductible, but the batteries that power them are also tax deductible. Doctor fees, charges for repairs or adjustments and other assisting hearing devices may also be tax deductible. You can even get a tax break for donating your old hearing aids.
What You Need Know
In order to deduct your hearing aid expenses, will need to itemize deductions on your tax return. The next thing to keep in mind is that the total out-of-pocket medical expenses must be more than 7.5% of your adjusted gross income in order to claim them as a deduction. (Previously, the threshold had been 10%.) Therefore, if your adjusted gross income is $40,000, your out-of-pocket medical expenses need to be more than $4,000 in order to claim a tax deduction. Only the amount over the $3,000 would be claimed as the deduction.
Most common hearing-related expenses that can be deducted:
- Hearing aids, hearing aid batteries, costs for maintenance & repairs
- Equipment to link your phone, including phones with special ringers, captioned phones and teleprinters. Repairs for these device may also be covered too.
- Televisions and related accessories that amplify sound, provide closed captions as well as their repair costs
- A guide dog, which includes any veterinary, grooming and food expenses
- Wiring your home with special smoke detectors, doorbells, burglar alarms and other alert systems
Donating Your “Old” Hearing Aids
As mentioned earlier, it is also possible to receive a tax deduction by donating your old hearing aids to a qualified organization as a non-cash charitable donation. The deduction taken would be equal to the market value of the hearing aids on the donation date, so the newer and better shape the hearing aids are in, the higher the deduction will be.
NOTE: It is recommended that you consult with a tax professional to get the most out of your tax deductions and to discuss any tax-related questions you may have.
If you or a loved one suffer from hearing loss, contact us today to schedule an appointment with one of our hearing care professionals. We’ll be able to discuss your treatment options and recommend a hearing aid solution that is right for your lifestyle. We have three convenient Northern Florida hearing loss clinic locations: Dowling Park, Live Oak, or Lake City.