With filing deadlines quickly approaching, you should be gathering all the information and receipts for your deductions. One of those deductions that you may not think of is your hearing aids. If you itemize your medical deductions on your federal income tax, hearing aids are tax-deductible. Here is some information to keep in mind so that you are ready for the upcoming year.
When deciding whether or not to deduct, you have to ask yourself if you are itemizing your medical expenses or not. If you have significant medical expenses, it is worth it for you or your family to itemize every single medical expense. Here are some things to keep in mind when filing your tax returns:
If you’re itemizing deductions, the IRS generally allows you a medical expenses deduction if you have unreimbursed expenses that are more than 7.5% of your adjusted gross income for tax years 2017 or 2018. Keep in mind, due to Tax Cuts and Jobs Act tax reform, the 7.5% threshold applies to tax years 2017 and 2018. After 2018, the floor returns to 10%.
Hearing aids, batteries, maintenance costs, and repairs are all deductible. Other hearing assistance items that are deductible include televisions and related accessories that amplify sound, guide dogs (including veterinary, grooming, and food expenses), particular smoke detectors, doorbells, and burglar alarms, captioned phones, and teleprinters. Transportation costs to and from medical care. If you drive your own car, you can take a yearly deduction for the cost per mile. For example, the deduction was 18 cents per mile in 2018.
Taxes can prove to be a daunting task for even the most experienced filers. Here are a few tips to help you navigate the tricky process. If you decide to itemize your taxes, use Form 1040 Schedule A to itemize all your deductions. Another helpful tool offered by the IRS is an Interactive Tax Assistant, which is an online tool available to help you determine what expenses are deductible. It would be best if you kept all of your receipts, which will help to itemize your deductions, make them easier to complete, and flow more smoothly. And as always, and specific financial questions you have, you should bring to your accountant or tax advisor.
If you, unfortunately, missed the filing deadline to deduct your hearing aids, don’t worry! You can still file them next year; just remember to save the proper receipts!
Dr. Joe “Tripp” Griffith, has an expert knowledge of how hearing aids work, the benefits of different types of hearing aids, and what type will benefit you the most. Because he will focus on you and your unique needs, Dr. Griffith can help you reach an informed decision, and he will continue to help long after you purchase your hearing aids.