Donate your Hearing Aids - Tax Deduction Tip
Posted by CENTURY HEARING
Donate your Hearing Aids - Tax Deduction Tip
Healthy hearing should be enjoyed by all citizens. And for those who require hearing devices, economics shouldn’t be a barrier to hearing health. The Hearing Aid Donation Center, a project of Hearing Charities of America, begins the process of recycling hearing aids for those in need.
Through the generosity of organizations and institutions throughout the nation, your donated hearing aids will help others enjoy the sounds many of us take for granted.
All used hearing aids are accepted—any age, any brand and any model. No matter how old or what brand your hearing aid is, it can be used to help someone in need.
See more information at http://www.sertoma.org
About the Taxes....
The tax benefit is only available for those donors who itemize deductions on their tax returns. Those who take the standard deduction receive no additional tax benefit. Only contributions made during that previous tax year are eligible for tax benefits.
You in the market to Buy a New Hearing Aid? Read this How to Buy a Hearing Aid Online Guide - Free. No matter where you end of buying, this guide will save you money
Healthy hearing should be enjoyed by all citizens. And for those who require hearing devices, economics shouldn’t be a barrier to hearing health. The Hearing Aid Donation Center, a project of Hearing Charities of America, begins the process of recycling hearing aids for those in need.
Through the generosity of organizations and institutions throughout the nation, your donated hearing aids will help others enjoy the sounds many of us take for granted.
Hearing Aid Donations
All used hearing aids are accepted—any age, any brand and any model. No matter how old or what brand your hearing aid is, it can be used to help someone in need.
It’s as easy as 1, 2, 3…
- Package the hearing aid in sturdy, crush-proof container (we recommend to insure and register the package with your shipper)
- Fill out donation form with your contact information and hearing aid details.
- Print off confirmation page and include with your package. Printable shipping label also provided.
See more information at http://www.sertoma.org
About the Taxes....
The tax benefit is only available for those donors who itemize deductions on their tax returns. Those who take the standard deduction receive no additional tax benefit. Only contributions made during that previous tax year are eligible for tax benefits.
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- The tax law allows a deduction for the fair market value of the donation. The IRS reminds donors to maintain records of their donation to substantiate the value of their gift.
- Taxpayers can find assistance regarding the donations they make in Publication 526, Charitable contributions. A second reference, Publication 561, Determining the Value of Donated Property, answers many questions that donors may have when they make non-cash contributions. Both publications are available at the IRS website, www.irs.gov, or by calling 1-800-TAX-FORM (1-800-829-3676). To help you determine the value of your donation, you can use a five year, straight line depreciation (see formula below).
- Divide the original cost by 5 to determine yearly depreciation.
- Multiply the yearly depreciation by the age of the aids.
- Subtract that figure from the original cost to determine the remaining value.
- All donations for a tax year must be postmarked no later than December 31 to receive tax benefits for the next filing.
You in the market to Buy a New Hearing Aid? Read this How to Buy a Hearing Aid Online Guide - Free. No matter where you end of buying, this guide will save you money
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