This time of year, taxes are on pretty much everyone’s mind. What is not common knowledge is that purchase of new hearing aids can be considered a medical expense and thus can be tax deductible.
According to the www.irs.gov website topic 502 under Medical and Dental Expenses, you may be eligible to deduct these expenses for you, your spouse, and dependents for the year on amounts that exceed 7.5% of your adjusted gross income. Next year, the percentage is predicted to increase to 10%. This can include new hearing aid purchases, any repair costs, maintenance needed to operate the hearing aids, and even the batteries.
Another topic that is gathering a lot of attention is a Federal hearing aid tax credit. The proposed credit is for up to $1000 for two hearing aids and currently has the support of 61 members in the House, 11 in the Senate and a multitude of endorsing organizations including AARP, American Academy of Audiology, American Speech and Hearing Association, and many more. We strongly encourage those interested in supporting this bill to stop by our office for information on how to contact their Congressmen in support of this bill.
Lastly, the Starkey Hearing Foundation, a charitable organization in Eden Prairie Minnesota, accepts used hearing aid donations regardless of make, model, or age. Once received, they will issue a letter of acknowledgment that you can take to your tax preparer along with IRS publications 561 and 526 which can help with determining the value of donated property. Donation forms are available at our office in the College Springs Plaza.