Are dogs your tax return’s best friend?
Tax Deductions for Pet Ownership Save You Money in April!
They’re called man’s best friend, and sometimes they’re feisty felines, but if you’re a pet owner you know what it means to have a furry friend in your home.
To say pets are popular isn’t doing them justice. According to the Humane Society of the United States, 39 percent of homes have a dog, while cats are at a slightly less popular 33 percent. So now that it’s National Pet Adoption Month, you might want to know about these tax deductions to help Fido help you out in April.
If you’re just starting your career and need to move to another town with your beloved pet, however much it costs to move your cat, dog, snake or bird is tax-deductible. Pets are considered your personal effects according to the IRS, so as long as they don’t get motion sickness in the car ride, feel free to take them along for the ride – and write it off in April.
Guide dogs and other service animals provide invaluable assistance to those who are blind, deaf or have other disabilities, so it makes sense to be able to write off the expenses of buying, training and maintaining them. They’re considered medical expenses by the IRS and go a long way for those in physically unfortunate situations.
If you run a business and oversee some valuable inventory, then a guard dog is something that can help. And if your business is riddled with rats, then a feisty feline can help, too. What also helps are the associated tax deductions. While the pet adoption fees can’t be written off, the costs for food and other supplies for a cat or dog to help your business may be. Consult with a tax attorney to make sure.
As you’ve probably seen on TV, there’s a whole industry devoted to the showcasing of animals, giving pet owners opportunities to trot their pets in front of professional judges who evaluate a pet’s appearance as well as physical ability. Expenses for transportation to shows, veterinary bills and show equipment can be deductible, but make sure to dot your I’s. Keep good documentation, and ensure they’re business-related so you can receive the blessing of a tax court.
While Fido or Rex can be your best friend year-round, they can also be your best friend come tax time. But if you’re facing action by the IRS due to back taxes or other tax-related matters, a knowledgeable tax attorney can help you with the wage garnishments and bank levies that may be coming your way. That’s a best friend for your financial