Q: I've been a hands-on owner in a machine shop for the past 30 years. Because of the noise in the shop, I had to buy a hearing aid that cost me about $5,500. Can I deduct that as a business expense? R.M.A., Grand Rapids, Mich.
A: Unfortunately, no. The IRS regards this as a purely personal expense, even though it will help you in your business dealings. And don't even think about going over the IRS's head on this one. The Tax Court agreed with the IRS in a case involving an attorney who tried to write off his hearing aid. (Bakewell, Jr., 23 TC 803) Tip: At least you can deduct it as a medical expense, as long as your annual medical expenses reach at least 7.5 percent of your adjusted gross income.
- Small Business Tax Deduction Strategies No matches