Did you purchase hearing aids last year? You may be surprised to learn that because hearing aids are medical devices, they may qualify as tax deductible. If you’re planning to itemize your medical expenses on your federal income taxes, keep reading to find out how to maximize your savings.
Itemizing Your Medical Expenses
In order to deduct the cost of your hearing aids, you must itemize your medical expenses. If in 2018 you or your family / dependants had significant medical expenses, it’s could be worth you to itemize these expenses. Out-of-pocket healthcare expenses that were in excess of 7.5% of your adjusted gross income (AGI) can be itemized. It could be that itemizing your returns for 2018 doesn’t make sense, but it may for 2019. We recommend consulting a tax adviser to determine if it’s worth itemizing your 2018 medical expenses.
There are a number of hearing-related medical expenses that you can deduct as long as you still have the receipts. Expenses that qualify include:
- Hearing aid devices, batteries, and cost of maintenance and repairs.
- A guide dog, including veterinary, grooming, and food expenses.
- Hearing assessments and check-ups. Audiology visits.
- Hearing equipment for the home, such as specially adapted smoke detectors or doorbells.
- Equipment for your phone. This could include captioned phones, teleprinters, and potentially repairs when required.
- TV’s or other accessories that amplify sounds or provide closed captioning.
Donate Your Old Hearing Aids
If you donated an old hearing aid to charities like the Lion’s Club’s HARP Program, you may be eligible for further deductions. Not only can your donation help another individual with hearing loss, it can benefit your tax returns too. Deductions will depend on the value of the hearing aid device when you donated them.
Looking for further details on what qualifies as an allowable medical expense? IRS Publication 502 provides further details. We also recommend reaching out to a tax advisor to provide further insights on your 2018 taxes and deductibles.
Consult with the Professionals at Hearing Aid Counselors
At Hearing Aid Counselors, we are here to help you with your hearing needs. Contact us today to schedule an appointment at one of our convenient southern Idaho hearing center locations in Idaho Falls, Twin Falls, Hailey, or Burley. We have a team of experienced hearing care professionals that can answer all your questions and work with you to find the best solution for your hearing and listening needs.