As you prepare to file your taxes this year, we thought it would be helpful to make you aware of tax deductions available to people with hearing loss. We know hearing aids can be a major expense, and it would be nice to get some of that back on your taxes, so read through the options below and see if you may qualify for any of the deductions we found.
Medical expenses, including hearing aids, can be claimed if you itemize your deductions. The stipulation here is that your medical expenses must total more than 10 percent of your adjusted gross income.
Hearing loss expenses that may qualify include: hearing aids, hearing aid batteries, hearing aid repairs, and hearing aid maintenance costs. As well as telephone and television equipment that amplifies sounds or provides captioning and other home safety items such as special smoke detectors and alarms and their installation.
Medical expenses can also include prescriptions, eyeglasses, and insurance premiums, which may help push you over that 10 percent mark. Click here for a more complete list of expenses that qualify. There is an exemption to the 10 percent rule for the next few years which allows anyone 65 and older to claim medical expenses that total more than 7.5 percent of their adjusted gross income.
People with hearing loss in the workforce can also deduct expenses for items necessary to perform their jobs. These are considered business expenses and can include things like:
- Special telephones or video conferencing equipment
- Internet connection for video relay
- Other computer or telephone accessories
According to Turbo Tax folks with hearing loss sometimes qualify for the Disability Tax Credit and the Earned Income Tax Credit. Visit their website here to read more about qualifying for those credits.
At this time there is no Hearing Aid Assistance Tax Credit, despite efforts by representatives in both the house and senate in 2013. We hope to see the issue brought up again in 2014.
Hopefully you find this information is helpful when you are trying to take full advantage of your tax deductions in the coming weeks.