Audiology Purchases Might Be Tax Deductible
By: PCI Audiologists
Many people don’t realize that hearing aid purchases are tax deductible. If you itemize your medical deductions on your federal income taxes, you can include hearing related costs.
Here is the breakdown:
- If you don’t itemize deductions, then you can’t take advantage of the hearing aid savings.
- If you have significant medical expenses, it might be worth it. If you spend more than 7.5% of your income on medical expenses, you can deduct medical costs from your insurance this is for 2017-2018 tax years. After that, the thresholds revert back to 10% of income.
- Keep all your receipts!
What you can deduct: According to Turbo Tax
- Hearing aid batteries, maintenance costs and repairs
- Equipment linked to your phone (special ringers, caption phone and repairs)
- Television and related accessories that amplify sound or provide closed captions
- A guide dog, including veterinary, grooming and food expenses
- Wiring your home with special smoke detectors, doorbells and burglar alarms
For more information, including forms to use talk to a tax advisor or you can also visit the IRS website and search under medical and dental expenses.
If you are a hearing aid wearer and looking into the new technology or a beginner trying to navigate through hearing aids and technology, give us a call at 319-247-3434 to schedule an appointment with one of our audiology experts.
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