**UPDATED FOR 2018 TAX SEASON.**
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. Wouldn’t it be nice to get some of your money back on your taxes? You may find the following information helpful in deducting hearing loss expenses.
Keep in mind our expertise at Southwestern is hearing aids, not tax filing. The following information is accurate to the best of our knowledge, but if you have questions please contact your tax professional.
Track Your Hearing Loss Expenses
Medical expenses, including hearing aids, can be claimed if you itemize your deductions. The stipulation here for most people is that your medical expenses must total more than 7.5% percent of your adjusted gross income.
Hearing loss expenses that the IRS consider medical expenses include: hearing aids, hearing aid batteries, hearing aid repairs, recharging stations, rechargeable batteries and hearing aid maintenance costs. Telephone and television equipment that amplifies sounds or provides captioning also qualifies. Don’t forget about any home safety items you’ve purchased, such as special smoke detectors and alarms and their installation costs.
If you don’t think you meet the 7.5% threshold check this list of qualifying medical expenses first. Some other common medical expenses include: prescriptions, eyeglasses, and insurance premiums, which may help push you over that 7.5% mark.
Anyone 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 people 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. Each year representatives in both the house and senate introduce a similar bill designed to give hearing aid purchasers a $500 tax credit every 5 years. The bill never advances out of committee.
Hopefully you find this information helpful as you try to take full advantage of deducting your hearing aid costs.