 Good news for hearing aid users who are filing taxes! Hearing aids are tax-deductible when listed as a medical expense. According to the IRS, this tax deduction applies to any hearing aid user who spends over 7.5% of their income on medical and dental bills and if they itemize their medical expenses.
If your medical expenses typically go undocumented, but you paid a hefty bill for a hospital stay or surgery last year, discuss this with a professional tax advisor. Determine whether itemizing your medical expenses would be beneficial for you this year. Additionally, if you anticipate significant medical expenses this year, use this time to determine if you or your spouse will need hearing aids. You can deduct them from next year’s tax return. Expenses Deducted for Hearing Healthcare If you itemize medical and dental expenses with a Schedule A Form 1040, these hearing health-related medical expenses may be deductible:
Deduct other Hearing Loss-related costs from Your Taxes. Remember to include the following hearing-related deductions if you are planning to itemize medical expenses:
Are You a Caregiver for Someone who uses Hearing Aids? If anyone in your household purchased hearing aids last year, the cost of the hearing aids might be deducted from your taxes if claimed as an independent. If you don’t know whether you qualify for this tax break, contact a tax professional or an accountant. What coverage can I get? The IRS provides a helpful guide online so you can determine your coverage. This resource will ask you questions about your situation so that you may take the appropriate steps while filing your taxes. If you need documentation for hearing aids purchased from Northumberland Hearing Center last year, contact us. If you are overdue for a hearing exam, contact us.
0 Comments
|
RSS Feed
|
© 2023 Northumberland Hearing Center. All Rights Reserved.
|