Taxes Frequently Asked Questions
Your donation of a hearing device for our overseas trips allows us to take the Gift of Hearing to people who typically would have no access to hearing health care. Your contribution helps us make an impact families and communities by providing them with quality audiology care and great hearing aids!
Can you receive a tax benefit from your donation?
The answer is yes! Please take a look the information below to find out the IRS guidelines:
It is the donor’s responsibility to determine the value of the donation. 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.
- 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.
Do you need a receipt for your hearing aid donation?
If you are interested in claiming your donation on your yearly tax return, you must RETAIN your receipt that acknowledges your donation. If you provide your contact information at the time of your donation you will automatically receive a donation receipt from us.
Where does my donation go?
Your donation will be used at the point of greatest need.