It's Time to do Your Taxes
Are you a hearing aid user, who is hoping for a big refund on your tax return? If you document your medical expenses, hearing aids are tax-deductible. This can save you money that can be used on other expenses that you may have, which can help reduce your overall medical expenses. The IRS has ruled that you may qualify for this tax deduction, if you spend over 7.5% of your income on medical and dental expenses, and itemize your medical expenses. If you itemize your medical expenses, you may include hearing health-related purchases when preparing your tax return.
If you normally do not document your medical expenses but spent a significant amount due to a hospital stay or surgery in 2020, talk to a professional tax advisor in order to find out whether you would benefit from itemizing your medical expenses this year. Also, if you plan for impending medical expenses for 2021, take advantage of this time to find out whether you or your spouse needs hearing aids in the near future. You’ll be able to deduct them from next year’s tax return.
Deductible Expenses for Hearing Healthcare
If you itemize your medical and dental expenses with a Schedule A Form 1040, you may deduct the following hearing-related medical expenses:
Additional Hearing Loss-related Costs that can be deducted from Your Taxes
The team at TurboTax wants to remind you that you should include the following hearing-related deductions if you plan to itemize medical expenses:
If you suffer from a chronic medical illness, you may deduct your attendance at a conference related to the illness, but you may not deduct meals or lodging.
For Caregivers of Hearing Aid Users
If someone in your household (parent or child) purchased hearing aids last year, you may deduct the cost of these on your taxes if you claim them as a dependent. If you are uncertain whether you qualify for this, talk to a tax professional or an accountant for the details in regards to your personal situation.
The IRS has a helpful online resource about what is covered. You will be given questions about your personal situation to help determine the correct action you need to take.
This year, the IRS extended the deadline to file your taxes to May 17. You have some more time to find your receipts. If you purchased hearing aids from Pure Sound Hearing in 2020 and need documentation, contact one of our providers.
If you, or a loved one, are in need of a free hearing test and consultation for a hearing aid trial, please contact us at Pure Sound Hearing.